The U.S. housing market is growing back to its original glory with housing prices having risen to an average of $222,400 by 2015. Now is as good a time as any to put your house up for sale. As the offers start coming in, you and your realtor should pour over the contingencies and terms of each offer to determine which one might be most suitable or able to offer you the best deal possible. This article will look at 3 things in the offer that you should pay attention to.
The Bidder's Financing and Its Stability
When deciding whether to accept an offer or not, you not only need to consider the amount that is being offered, but also how the bidder will be financing this purchase. For example, consider whether the bidder is willing to pay you in cash or whether they will need to wait for approval from a mortgage or whether they are from out of the country and will need some time to wire the money to a bank account in the country. It's important to consider how reliable and stable their means of financing may be.
Whether There Are Any Contingencies Attached
In most cases, offers will come with strings attached. The offer might be contingent on the bidder's ability to sell their home or it might be contingent on some other term set by their realtor. The gist of it is to find an offer that comes with little contingencies. This will make your life a lot easier.
How Compatible the Move Out Dates Are With Your Plans
The bidder will usually specify when they would like you to move out of your home and when they would be able to move in. They might also set other deadlines, such as a specific date for when you would need to respond to them by. These dates are usually determined based on the bidder's plans. It's vital for you to take a careful look at the schedule to determine whether it's compatible with your plans as well.
There are many things that you should consider when determining whether or not you would like to accept an offer. Upon putting your house for sale, your realtor will be responsible for accepting and managing any and all offers that are placed by bidders. The realtor will then walk through the various terms and conditions attached with each offer to help you find one that meets your needs and expectations.