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Home Critical Factors Timing

• Seller's Resources
  • The CENTURY 21 Advantage
  • Setting Your List Price
  • What is My Property Worth?
  • What is My Market Value?
  • 10 Steps Before You Sell Your House
  • Selling a House Checklist
  • Home Sellers To-Do List
  • Preparing to Sell Quickly
  • Showing Your House
  • Offers
  • Contracts

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OFFERS

When a buyer makes an offer on your property, the offer will usually be submitted to you by your listing agent. The listing agent, if not the sales agent as well, will have spoken with the selling agent about all aspects of the offer so that the terms can be conveyed to you accurately. The offer becomes a contract once you have executed the agreement. There are usually contingencies which may allow for a due diligence period at the end of which the contract continues forward or not, depending upon the buyer?s satisfaction with results. Some offers can be complicated and contain special clauses that favor the buyer. Our sales professionals will provide their expertise in reviewing these contracts with you. As always, should there be any questions about your offer it is wise to seek a legal opinion.

Purchase price is not everything. Carefully consider the purchase contract's other terms and conditions. Too many contingencies can leave loopholes and cause a deal to collapse. Especially avoid contingencies that favor the house's buyer, such as linking the escrow closing date to the buyer's sale of their current home. If the buyer insists on such terms, include a so-called kick-out clause in the contract that will allow you to consider other offers if the buyer is not able to sell within a certain period of time.

Assess your Buyer's Financial Qualifications

Is the buyer pre-approved? How much of a loan is the buyer seeking? Unless you are in an active market, lenders tend to shy away from underwriting a deal in which the purchase price is higher than the nearest comparable sale and the buyer is putting less than 10% down. If this is the case, your buyer may not be able to obtain financing.

Know the Home Selling Market

How you judge an offer can also depend on market conditions. If the selling market is slow, you may feel vulnerable, especially if circumstances are pressing you to sell. Typically you will want to make sure any offer you accept does not keep you in escrow longer than 30 to 45 days. In a hot market where multiple offers are likely, it is unwise to counter more than one offer at a time unless the provisions of such a counter offer leave open your ability to withdraw the counteroffer in the event another becomes binding. Also be wary of offers that promise more money but contain poor contract terms (long escrow, multiple contingencies, etc.).

If you feel the offer is insufficient, make a counter offer. Rarely is a first offer the buyer's absolute highest price they are willing to pay. Negotiating is part of the home selling process.

Our REALTORS? at CENTURY 21 Lakes Region Realty will do their absolute best to make sure that you are current on all market conditions so as to help you make the best decisions during the negotiation process. Knowledge is power.

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