Whenever I have a seller who is on the fence as to whether to take an offer on their home I tell them take the deal. This may sound like bad advice especially if a seller is giving up a lot of equity but consider what savings that Seller will make up for when they take their proceeds and buy another home.
Basically it is trading equity with another person. You give up some on your end and take it from the next seller. It's not a bad deal when you look at the net result. Too many sellers are concerned about whether to take a legitimate offer and I say get what you can now especially when you have had little or not previous offers. Listen to a professional.
Naturally not all deals are good for all parties but with a market as challenging as we have seen in the past 2 years, I say take the money and run. Two years from now you may look back and say I am glad I got out when I did.
Now more so than ever I have seen counter offers to counter offers and both buyers and sellers stretched to the breaking point. Another recent trend is homes that will not appraise at the current asking price. Recent changes to the appraisal process has forced appraisers to use foreclosure properties in their calculation of value and with almost 60% of the sales foreclosures it can be a struggle to hit the mark.
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