San Antonio Express-News (Sunday)
Is the highest offer the best offer?
Hearing “you have an offer” can be one of the most exciting moments in your home selling journey. Hearing, “you have multiple offers” can feel even better, but before you jump at the offer with the highest dollar amount, consider these other factors that can impact your decision.
How serious are the offers?
Potential buyers will put a certain amount of earnest money toward the sale in advance of the closing to show they’re entering this transaction in good faith. Your REALTOR® can help you verify if the amount of earnest money is a strong offer, which is a sign of serious buyers. If the transaction closes, the money counts toward the down payment.
Where’s this money coming from?
Is the buyer’s offer cash, or will they be going through a mortgage company? Ask your San Antonio area REALTOR® to find out if potential buyers are prequalified or preapproved. Taking this step will ensure that they can afford the amount they are offering you.
What are the contingencies?
An offer can include more than just the amount they are willing to pay. They can request an option to terminate, see if you’ll leave appliances or furniture, ask for repairs, or make the offer contingent upon the sale of their current home. Your San Antonio area REALTOR® can help you decide what is reasonable and what factors are the most important.
When’s moving day?
Determine if the proposed timeline for the transaction matches your schedule. If the buyers want a closing date that’s too soon for you, temporary-housing costs could eat into that higher offer. Of course, if the buyers don’t want the transaction to close for a few months, you could end up paying two mortgages for a while.
It’s exciting to get an offer from buyers for your home, but make sure you look past the dollar signs and weigh all parts of their proposal. Your REALTOR® will help you weigh all these factors while making your final decision. You don’t have to do it alone.
For more information on buying, selling, or leasing your home visit SABOR.com and find a San Antonio area REALTOR® today.