Four Factors to Consider When Evaluating a Real Estate Offer
There’s a lot that goes in to evaluating a real estate offer. Higher doesn’t always mean best, as there are many factors to consider. That’s where an experienced agent can help?not only can they get you to a situation with multiple offers, but they’ve seen it all. They can help you determine which offer is going to net you the best profit with the least headache.
Inspection Scope and Timelines
Buyers could come in with a really high offer but end up asking for huge discounts after a home inspection. The conditions in their offer around the inspection scope and timelines give clues as to what kind of buyer they will be. Do they want the house as is or are they going to to want a discount for every minimal flaw?
A lot can be determined from looking at the buyer’s inspection contingencies.
One of the most common reasons a real estate deal falls through is because the buyer couldn’t get financing. An agent can determine a buyers level of financing before accepting an offer to avoid this scenario.
Basically, conventional home loans are the strongest because there are less contingencies. That doesn’t mean that VA or FHA aren’t great options, but having a buyer who’s qualified for both increases your chances of closing. Also, if the buyer who is willing to make a larger down payment is more qualified.
In a seller’s market like we’re seeing today, some sellers run in to problems in the appraisal stage. If the house doesn’t appraise for the asking price, buyers might not be able to receive financing. They also might want to walk away from the deal.
This can be avoided with an agent who knows the current market and comparable homes in the area. If they know that the house might not appraise for the full amount, they can make preparations and counter offers before going under contract.
There are all kinds of contingencies that can give either side an advantage. These include title, HOA, information verification periods, and more. Your real estate agent should be familiar with all of them and be able to use them/avoid them to get you the best deal possible.
Selling Snohomish County Real Estate
We’re one of the top teams in the area, with a lot of experience helping our clients sell their homes for top dollar.
Check out a few of our case studies where we’ve done just that?our sellers ended up with multiple offers over asking price, and we helped them negotiate and accept the best possible offer.
We’d love to do the same for you.