Receiving an offer from someone who wants to buy your home will probably be a very exciting day for you in the process of trying to sell your home, but before you rush into signing your name to accept the offer, there are several things you should do to analyze it first. Here are three of the most important questions to ask when analyzing an offer you receive for your home.
Is the buyer qualified?
A good place to start when reviewing an offer is with the buyer. Is the person who is making the offer a qualified buyer? To find this out, ask your real estate agent to look into it. Your agent can find out just by calling the buyer's agent. The agent should have documentation that proves the buyer is qualified to make the purchase. If the buyer does not have proof of preapproval, you might want to tread lightly with this offer. If you end up in a deal with a buyer who cannot get a loan, you will tie up a lot of time. This will delay your sale of the house and may cause you to be back at square one, starting all over again looking for a different buyer.
Is the amount fair?
The price the buyer offered is always an important thing to analyze, and most sellers view this factor as the most important factor in the deal. While the price is one of the most important factors, it is not the only thing that matters. The price the person offered must be fair in your eyes, but you should also consider all the contingencies the buyer is asking for, as these can affect the bottom line in the deal.
Can you agree to the contingencies listed?
The contingencies are just as important as the offer amount, and you should read through each one carefully to ensure that you not only understand what each one is, but that you also can agree to them. If you find that the offer amount is good and the contingencies are fair, then this might be a good offer to accept.
If you are content with the offer, you could go ahead and accept it. If there are some minor things you would like to change, you could counter the offer you received. Your real estate agent can give you advice and tips to help you know how to respond to the offer you receive.