So you want to sell your home! You have already got your house for the market, found a realtor, and came up with the right listing price, fixed up the problem areas, and marketed your home, so now it’s time to make the right deal as it comes your way. This “Selling a House Series” is made with years of experience on the best way to get your ducks in a row so you can sell your home at the price you want. Use the following the tips below to make the process much smoother on you…
Bringing In Your First Offers
It nice to not be in a rush to sell your help and if you aren’t in a rush then take a month to see what rolls in. If you need to sell quick then try working on a deadline to accept offers. A nice amount of offers is a good sign that your home is priced right and if you play it all right you can get asking price and sometimes more.
Offers Have 5 Main Components
- Closing assistance
- Closing date
- Buyer financing
Does the Buyer Want Any Closing Assistance?
A lot of buyers don’t have enough money to cover all of the down payment and closing costs. This is why they ask the seller to help with some of the costs and a normal offer usually asks for between 2% and 3% of the total closing costs. This affects your bottom line and essentially brings down your asking price indirectly.
What is the Closing Date?
If you wait a long time for the buyer and it doesn’t go through then you’ll be putting the house back on the market in most cases. If they want to move in quicker than you can react then you could be temporarily homeless or need to make other living arrangements before you move into your next home.
Does the Buyer Have Financing?
It’s always good for offers to come with a note verifying the buyer’s financing and how much the buyer will put toward the down payment and earnest money. The seller doesn’t want to accept an offer to find out later that the buyer can’t come up with the financing. That’s a waste of time and possibly some missed opportunities.
What Are the Contingencies in the Offer?
Meaning how can the buyer back out of the deal if something goes wrong. The buyer could ask for an inspection or want to move in early. Beware of the buyer asking “too much.” If buyer asks for 60 days to close then they may be asking for too much!
When Should a Seller Send Back a Counter Offer?
All sellers have the option to counter offer if you feel the price is too low or if they buyer is asking for too much. Just know that if the offer was 10% below the asking price that a counter offer for 100% of the asking price would be fruitless. It this case, if you wanted the full asking price, you’d be better off to just reject the offer. The idea here is to have as little counter offering is possible to get to a deal that both the buyer and seller can agree with or walk away from. You want a decision not a constant bartering situation.
Next time we’ll walk you through what to expect during a house closing!
Selling a House Series Posts
- Selling a House Series #1 - Getting Your House Ready for Market
- Selling a House Series #9 - What You Should and Shouldn't Do As You Move Out
- Selling a House Series #8 - What to Expect At Your Home Closing
- Selling a House Series #7 - What a Seller Should Do To Prepare For The Closing
- Selling a House Series #6 - Making the Right Deal
- Selling a House Series #5 - Creating an Ad and Marketing Your House
- Selling a House Series #4 - Fixing Up The Inside and Outside of Your Home
- Selling a House Series #3 - How to List Your Home For the Right Price
- Selling a House Series #2 - How To Find the Right Realtor To Sell Your Home
Tom Reese has 20+ years experience in helping his clients buy the homes they want at a price they can afford. Tom has helped his clients buy and sell property in every neighborhood in Northern Kentucky and Cincinnati.
About Tom Reese
Helping my clients attain their dreams has been the foundation of my success. With my strong attention to customer service, I have earned my clients continued support and referrals. Put my enthusiasm and dedication to work for you!
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Tom may be new to rapping but he’s not new to real estate!