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What should you think about before accepting a buyer’s offer?

By Andrew Bell

When you are putting your home up for sale, there are a lot of things to consider at every stage of that process. Perhaps the most important stage for you will be the final one, when you begin to field offers from would-be buyers and consider the pluses and minuses of each.

Of course, it's not always easy to determine which offer is the best, because it is often about more than just who offers you the most money possible for your home. With that in mind, the following suggestions should help you make the most informed decision that sets you up for financial and logistical success as you try to wrap up your home sale:

The financial aspect

Obviously, the biggest consideration when it comes to your home sale is whether the offer gives you the kind of return on investment you are looking for. However, Kiplinger recommended that you think about more than just the offered price itself. For instance, you may want to think about whether a would-be buyer is offering to purchase in cash, whether you want to make a counter-offer, why offers are coming in at the range they are, and so on. There may be some situations where your best offer isn't necessarily the highest one.

What's the financing situation?

Likewise, you will need to consider how people are financing their purchases. You no doubt already know that the mortgage process can be a highly complicated one, and it's for this reason alone that many sellers accept lower-value cash offers than what people who are financing the purchase with a home loan may offer. With that being said, there may be plenty of potential buyers whose financing is already entirely sorted out, so you have to examine these issues carefully. 

How much time will the sales process take?

Even beyond the sometimes tricky financing aspects of this process, you may have other potential complications to consider, according to HomeLight. For instance, buyers might need to also sell their homes before they can buy yours; how long will that take? Does it match your hoped-for or even necessary timeline? How quickly does that buyer estimate they will be able to get through the sales process? These are all things you need to consider carefully before accepting an offer.

What about other costs?

Finally, you will also want to think about some of the "hidden" costs of a home sale transaction, Investopedia explained. Clearly, you should know that these costs are coming for someone if you're in the process of selling already, but it's nonetheless important to ensure you hammer out all the particulars. For instance, you might want to think about who will pay the closing fees, the financial aspects of the home inspection and so on. Often, these issues will be determined — at least somewhat — by broader market forces and the motivation from either side of the bargaining table to get the sale done expediently.

Of course, another critical step in this process is to consult with your real estate agent regularly, and to always seek their counsel about which offers may make sense (and why) based on your unique situation. At Ray White Surfers Paradise, we have closed countless home sales representing both buyers and sellers, and will therefore be able to help you make the most informed decision possible when evaluating offers on your property. Get in touch with us today to learn more about how we can help you through this process.

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