Families, couples, individuals have looked in the nooks and crannies of your Edmond house. You had expectations for each showing. Today you got an offer! Even in favorable market conditions, to accept or not is a big decision.
Your real estate agent can guide you, but the final decision is yours alone. How do you know what to do? Realty Times offers guidelines to help make it easier for you to decide on the offer path. Consider these details:
Approved or Pre-Qualified: Your real estate agent can find out if the buyer has already been approved or pre-qualified for a loan in the amount of the offer. You don't want to accept an offer, and have the deal collapse due to buyer financing. You already have invested time and money in listing the house and finding another. It's just good business to know the buyer has solid financial capability to purchase your home.
Move Date: If you have a specific date that you need to move, whether it's across town or across the country, that date may say something about accepting an offer. Sellers may accept a less-than-ideal offer because of a rush to move. If you can stay put for awhile, it's much easier to review offers.
Mortgage Debt: Of course, no homeowner wants to sell at a loss. Consider the amount owed, closing costs, moving expenses, and the ultimate market when you review buyer offers. If your loan exceeds the offer, with all other expenses regarded, maybe you will need to rethink a sale at this time. Ultimately, you are the decision maker.
Economic Climate: Your real estate agent is the best source for market trends and can answer the likelihood of getting another offer at the right price. Factors, of course, include length of time your house has been for sale, the number of showings, the number of offers, the number of homes in the area both for sale and recently sold, as well as the overall economy in your area.
In today's housing environment, buyers often have an advantage and may come in with a low offer. If your home has been on the market for a longer time, a buyer might see that as beneficial to them. There are buyers that may attempt to low ball you.
Always ask yourself: is the offer reasonable? Will the offer help you get to the closing date quickly? Will the offer be financially good for you? There's no obligation to accept an offer. You can either refuse it or give a counter offer. Again it's your decision. A counter offer might be accepted. You never know unless you try.
At the end of the day, do what is right for you and your family. Remember, don't take these offers personally. The buyer is trying to do what's right for him/her, just as you are for your family.
If I can help you with selling your home in Downtown Oklahoma City, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.