July 25th, 2014 2:17 PM by Cheryl Cabanski
Selling a home is rarely as simple as; receiving a great offer,
accepting that offer, and moving forward to the closing date. More often, than
not, the home seller will receive more than one attractive offer. When this
happens; what factors should be considered before selecting and accepting a
Is the offer the best
financially profitable offer for the seller?
Price is the number one concern when choosing which offer to
accept. Every seller wants to make a great deal; and leave the closing table
with as much money as possible. But the monetary value of the offer is not the
only factor to be considered. All offers must be examined together; because if
a buyer’s offer includes a lot of concessions, the seller may end up putting
out more money than they had originally intended.
The offer may sound
great, but is it coming from a qualified buyer?
Sellers must also converse with their agents to be sure that a
desirable offer is coming from a qualified buyer. The seller should ask right
away if the buyer has already been approved for funding his/her offer. No
seller wants to get their hopes up, or take a For Sale sign down, if the buyer
cannot meet his/her financial obligations.
Is it a cash sale? And
if so, does the buyer have the total amount of cash on-hand?
Cash sales are often desired by a seller, because it can
potentially be a quick, seamless sale. No waiting is required for the buyer to
obtain a mortgage loan or some other type of financial funding. However, the
seller should be certain that the buyer has the total amount of cash available
to him/her before time of closing, before accepting the offer. The buyer may have
the cash, but be unable to obtain the total amount in a timely manner. This
situation causes frustration and delays.
If the buyer is seeking
funding, does the buyer have a significant down payment for the sale?
A buyer who requires a mortgage loan or other type of funding
may be required to put down a specific amount of money on the sale. Depending
on the type of home loan they are seeking, Conventional, or FHA loans; the
financial institution may request a certain amount from the buyer to show intent
to purchase, and to demonstrate the buyer’s ability to afford the loan.
The selling or purchasing of a home is not an easy process.
There are many crucial factors that need to be considered before all the
parties involved will know if there is a mutually good deal on the table. The
agent is the seller’s best friend during this time period, and all sellers
should ask questions as they arise, to ensure that they are accepting the best