Your real estate agent just called to say you have not just one but two formal offers. That’s great news! You’re ready for the next step in the home-selling process: deciding on the best offer. Don’t do the happy dance just yet though. You still have work to do. Stay focused and intentional until you turn your keys over to the new owner.
These two pointers can help you decide which offer to choose:
1. Look beyond the purchase price
Sit down with your agent and dig into all the details of the offer. It’s important to look beyond the purchase price and get a bird’s eye view of the buyer’s terms.
Let’s say one potential buyer offers full asking price but asks you to replace the carpet in your entire house. That’ll set you back $5,000. Now, a second buyer comes along and offers $2,500 under asking price with no other seller concession requests. After comparing the numbers, the second offer is the best.
Bottom line: There’s more to the offer than just the purchase price, so don’t snub a buyer who’s willing to pay below asking price. Carefully consider every single detail and concession.
2. Resolve home inspection repairs wisely
It’s smart to pay for your own inspection before you list your home. This way you know what to expect in terms of repairs. Fixing minor issues on the front end of the process could translate into a better offer.
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Keep in mind that the buyer will usually conduct their own home inspection after they extend an offer. But don’t worry if the buyer’s inspection reveals additional issues. That happens. If a major problem surfaces, work with your agent to collect quotes from home repair professionals. Knowing a dollar amount for the repairs will help you keep your cool while you negotiate the final price.
Don’t stop here! There are more tips in Dave’s free Home Sellers Guide!
These are only two of five tips to help you decide on the best offer! To read the rest, download Dave’s Home Sellers Guide: The Right Offer. This free guide provides additional commonsense tips on how to get the most out of your home sale, plus it gives you a comprehensive roadmap to selling your home with confidence.