Homeowners who put their houses up for sale before know all too well that you shouldn’t expect to get exactly the amount that you put on your property. With this in mind, some sellers might settle for a buyer’s offer even if it’s less than what they want, particularly if their home has been in the market for a long time.
People who have already sold their homes before will tell you that just because you list your property for a certain amount doesn’t mean that’s what you’ll get. It’s due to this reason that a seller who has been trying to sell for a long time might find it hard not to grab an offer that’s just under the price they listed the house for.
As enticing as a buyer’s offer might be, try not to put your signature on paper right away. Use the following suggestions to weigh the offer first so that you don’t end up being the loser when you hand the buyer the keys to your home.
1. Aside from the price, what else is there to find out?
There is more to a good offer than just the price the buyer’s willing to pay; you need to look at what else is included in the contract, too. Check if it has any contingencies that may lead to the cancellation of the transaction. For instance, look for a condition that the close of escrow should be the same date that he manages to finalize a sale of his own house. You’ll be getting the short end of the stick with this clause because you’ll be forced to wait for the buyer to finish his sale, instead of having closed much earlier with another buyer. If the buyer wants this clause in the contract, counter with your own: add the clause that if the buyer can’t sell their home by a certain date, you’ll cancel the deal.
2. Ask the buyer for their mortgage pre-approval information
Until you’ve checked to see if the buyer has a mortgage pre-approval, don’t take their offer seriously just yet. Determine the amount of the loan that they are applying for. Most lenders think it’s risky to approve a loan that enables a buyer to purchase a property that’s priced much higher than houses for sale in the area that are similar to it, and this can lead to the rejection of the loan. If this happens, you will have wasted time on a buyer who couldn’t buy your home after all. Let the buyer know that this is one of the requirements you need from a buyer, so they’ll know how important it is to get a pre-approval. In the meantime, you can go and entertain other potential buyers who are actually armed with their pre-approval letters.
3. Assess the condition of the real estate market
If you’re in a buyer’s market, this means that you’re competing with a lot of other sellers for the attention of a few buyers, which may urge you say yes to the first offer that you come across. Once you get a buyer’s offer, find out if the end of escrow is on a date that you’re satisfied with. During a seller’s market, make sure that you don’t entertain too many offers to buy; you can find yourself in legal trouble if your terms are accepted by two buyers.
Remember to put a lot of thought into whether or not you should accept an offer; otherwise, you’ll be setting yourself up for disappointment later.
Staying Safe in Your Apartment
If you’re still in the process of looking for an apartment, make security one of your priorities, and be sure to let the landlord know any safety issues you may have about his apartment. While renting a unit, don’t be a victim to anyone; always pay attention to the things that you’re doing and keep an eye out for anything and anyone shady around your apartment.
Relocating With Your Children
Taking these suggestions to heart will help make sure that they won’t dread moving away and will look forward to it instead.
A Guide to Selecting the Right Studio Apartment
In selecting a rental apartment, if you are planning to live by yourself, you can look into renting a studio-type apartment. In a studio apartment, you’ll find that the living room, the bedroom and the kitchen is combined in one open area.
