How To Select The Best Offer For Your Home

Reblogger Gabe Sanders
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

Some great advice for sellers looking to pick the best offer for their home:

 

Original content by Joe Manausa 8508880888

There are more homebuyers than homes currently for sale in today’s market. As a result, it is likely that home sellers will wind up with a multiple offer situation when putting their house up for sale. Accepting the highest offer seems like the easy choice, but it may not always be the best thing to do. Below, I’ve discussed other important considerations when it comes to accepting an offer from a homebuyer.

Pre-Qualified And Pre-Approved Homebuyers

The majority of offers will include a letter from a financial institution specifying that a homebuyer is either pre-qualified or pre-approved for a mortgage loan. Don’t be confused by the fact that people often use these terms interchangeably. There is a significant difference between the two.

Pre-qualification letters can be given to homebuyers who discuss their financial situation with a mortgage lender, who then provides an estimate of the loan amount a buyer will qualify for. At this point, the accuracy of the provided information has not been checked by the mortgage lender. A mortgage lender might be able to provide an accurate loan estimate for a homebuyer who is very self-aware regarding their financial profile. However, home sellers should know that a lender has not yet verified assets, income, debt, or funds available for a down payment. In other words, a pre-qualification letter does not offer much assurance to the seller that the buyer will be able to close the purchase. 

In order for homebuyers to get a pre-approval letter, a mortgage lender must run a credit check and verify the items within the full loan application completed by the homebuyer. Pre-approval letters require a more comprehensive process and are much more desirable than pre-qualification letters.

Even though pre-approved buyers are far more desirable, it is still very important that the letter states the remaining conditions for loan approval. For example, all pre-approvals will be subject to change depending on the results of the home appraisal. Home sellers should inquire about any other conditions to the approval as well. 

However, home sellers should note that neither letter guarantees a homebuyer will receive a loan because of other variables and issues that could be present, but a pre-approval carries more weight than a mere pre-qualification.

Consider The Contingencies

Nearly all contracts for sale and purchase include clauses that allow buyers to cancel a contract due to specific reasons. For example, nearly all offers incorporate contingencies regarding appraisals and inspections. If the buyer is unable to secure financing or the home inspection produces unsatisfactory results, the buyer is able to terminate the contract without penalty.

Additionally, homebuyers may need to sell the home they currently own to purchase a new one. This stipulation is another contingency that could be added to the contract. When faced with numerous offers, home sellers should look for the one with the least amount of contingencies to increase the likelihood of the purchase closing.

How To Get Multiple Offers

Maybe you are a home seller currently trying to sell your home and you wish you had to choose between multiple offers. Fortunately, any home can receive multiple offers. To create this scenario, all you need is appropriate pricing and an aggressive marketing plan to make sure the entire pool of prospective buyers see your house. Having both in place will increase your odds for receiving multiple offers on your home which is the best way for you to get top dollar for your house.

If you are considering selling your home, or are currently trying to do so, make sure that you select an experienced and active real estate agent who can bring multiple buyers to the table and then assist you in negotiating the offer that will work best for you.



Joe Manausa, MBA
Joe Manausa Real Estate

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Rainmaker
3,237,161
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Gabe another great Reblog you are becoming the King of Reblogs:))Endre

Mar 01, 2019 10:59 PM #1
Rainmaker
2,995,107
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Gabe.

Glad you re-blogged this one, I missed it.  Got a busy weekend in front of me, what about you?

Mar 02, 2019 01:37 AM #2
Rainmaker
3,301,913
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

In our practice, we announce loudly in MLS...pre approval is required...or to us...and our Sellers...it is not really an offer .

Mar 02, 2019 04:52 AM #3
Rainmaker
5,503,158
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks you very much, Gabe, for sharing this excellent reblog selection.

Mar 02, 2019 05:33 AM #4
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Gabe... great choice for a reblog... especially as I missed the original posting. Always an important message to get over to sellers... that it's not just always about the price offered.

Mar 02, 2019 06:36 AM #5
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Great re-blog Gabe Sanders I missed this post it has good info 

Mar 02, 2019 12:31 PM #6
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

All of the stuff sound pretty basic but sometimes unless you go through it in your head, it doesn’t really become real to you.

Mar 03, 2019 10:20 PM #7
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Gabe Sanders

Stuart Florida Real Estate
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