Sellers ask these questions before saying ‘yes’ to an offer on your beloved home.
Hey there! I’m Anita L Williamson, Associate Broker with James River Realty Group.
As a Seller, you have hit the jackpot and are LUCKY enough to have multiple offers on the table! However, selecting the best offer for your home can be challenging for many sellers. When you’re faced with multiple options, finding the offer that won’t waste your time and maximizes your profit can be a challenge.
But if you ask these 6 questions before accepting an offer and are happy with the responses, then you’ll know you can move forward with the offer confidently! Let’s go over the questions you need to ask your buyers.
Ask These Questions!
First, do the buyers have a pre-approval? When a buyer has a pre-approval in an amount sufficient to buy the home, you can have confidence in the buyer’s financial readiness and ability to go through the closing process. Also, your agent can call the lender and ask more questions to make sure it is a solid buyer!
Next, is their down payment/closing fund liquid and easily available? For a smooth sale, your buyer needs to have easy access to the funds needed to close, which means that their down payment and closing fund need to be liquid.
Third, is the offer contingent? Contingencies are conditions that the buyer says must be met for the sale to proceed, usually around financing, appraisal, and inspection. Understanding the buyer’s contingencies will allow you to negotiate terms that align with what you want out of the deal.
Fourth, do they have time restraints? A buyer with time constraints can make the closing process tricky. Plus, if you need time to move out of the property and into a new home, a tight timeline can cause problems.
Fifth, does the buyer have a home to sell? If the buyer has to sell their home before they can complete the purchase of yours, you’ll want to ask yourself is this worth it? If the buyer is not realistic with the sale of their home, it could seriously delay the purchase of your home. Also, when a home sale is contingent there are a lot of variables that are out of our control.
Ready to Sell A Home?
Finally, is the closing date flexible? This is especially important if you need to find a house and move. Ask if the buyer is willing to do a rent back after closing. Usually, rent backs are done at the new buyer’s mortgage payment (inclusive of property taxes, mortgage interest, and insurance), though this figure is always negotiable. A rent back is preferable to an extension of the closing because it allows the seller to close and not have their own home sale contingency which makes it easier for them to purchase in a competitive market.
Asking these questions will make sure you not only choose the best offer but also make the selling process a breeze. If you’re ready to get the best offer on your home, just reach out anytime!
I’m Anita L Williamson Helping You Establish Roots In Central Virginia!
