So your St. Clair house is on the market. Prospective buyers have started coming by to take a look, and you're thinking, "Make me an offer I can't refuse!" Then, lo and behold, your wish comes true, and you get an offer!
Now you have to decide what to do with that offer. Do you take the offer, make a counter-offer, or turn it down flat. Here are some things to think about when deciding what to do with an offer:
Turning the offer down flat is almost never an option, unless you know for a fact that the buyer will never move from a low-ball offer. However, if you're hesitant to take the offer, ask yourself this important question: Is this really a low-ball offer, or am I hesitating because of an emotional attachment to the home? If you're looking at all the memories you have in this house, and the upgrades and investment of time and money to get it to where it is today, you may need to start looking at this house in a more financial and less emotional light.
You'll want to take into consideration how long your St. Clair house has been on the market. If it's just been a few days and this is your first offer, you may want to make a different counter-offer than you would if the house has been on the market for several months or even longer without much interest from homebuyers.
While the price offered may be a good one, are there other terms that are not so agreeable to you? Are they asking for closing cost concessions that are a bit more generous than you want to give? Do they want you to move out sooner than you are comfortable with? Are they asking for a closing date that is simply too close? Be sure to take into account all of the terms, not just the price.
Other questions to consider should include: Will you lose money if you take this deal? Will it leave you too far in debt to purchase another home? Must you sell within a short period of time or do you have some breathing room? Are there factors such as a job that make it necessary for you to sell and move quickly? Have you already bought another home and are getting tired of making two mortgage payments and covering numerous utility bills? Might you be at risk of going into foreclosure if you don't sell the house soon? In some situations, even low offers may be better than no offers.
A great place to get help with all these questions is your Realtor®. We know the market activity--how long area homes are on the market, how much interest your home is likely to garner from prospective buyers, and what other homes in your area are currently selling for. It's always best to figure out your bottom line now, before you get an offer on the table, so you'll know what to do when the time comes.
Please give me, Scott Hickinbotham, a call today at 636-629-3419 or contact me online. Let us help you sell your house for the best price possible. We have experience in the local market and can give you the best advice available.
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