When you receive an offer on your house, there’s far more to consider than just the price. An offer that looks wonderful at first glance may not be a good one, while a so-so offer might be very good. Here’s why:
Some buyers will ask you to contribute money toward their closing costs or toward a purchase they wish to make – like new carpeting or a major appliance. Others will not ask you to pay any of their costs, or to purchase anything.
Some will need a mortgage loan and have a bare minimum to use as a down payment. Others will have a large down payment, and still others will be buying with all cash.
Some will offer contingent upon selling a home that they own. This might be fine, if their sale is close to closing. If it isn’t even on the market yet, it’s not good. Others will offer contingent upon receiving some kind of settlement. Unless they have proof that the money is coming within days, this is also not good.
As your agent, I’ll follow-up and get the details for you before you make a decision regarding that kind of a contingency.
Purchase and sale agreements are filled with details such as these that go far beyond the stated purchase price. Each is important to you, so as your agent I’ll go over all of them with you and share my experience regarding the possible consequences of each. Then, based on your decisions, I’ll prepare a counter-offer to present to the buyers.
P.S. Tomorrow I’ll share the events that will occur between the time you and your buyer have come to an agreement and the day the sale closes.