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Did you know that the average number of offers people want before deciding on their home is around 5 or more?
With there being such a demand for housing, waiting to see your options can work in your favor and make you more money.
If you are about to list your home and don’t know what to do with the offers, there are a few things to do to prepare.
Keep reading if you want to learn about some of the most crucial steps to take while reviewing purchase offers for your home!
1. Talk to Your Realtor
One of the first things to do when you start getting purchase offers is to talk to your realtor.
Find a real estate agent that you enjoy working with. They can help you get the best deal on the house by doing a market analysis and communicating with other realtors. They have insider information that will help you through the offer process, which can get overwhelming when the market is so hot.
Realtors can also organize and facilitate your house showings to buyers. This step can get overwhelming while trying to pack and prepare for the move. Having the hands and brains of a professional will come in handy when there are so many details to factor in.
2. Review the Letters
If you want to get a better idea of the terms and conditions, you need to read each offer letter.
Homebuyers will submit a purchase offer letter themselves or have their real estate agent do it. Offer letters should include the price they are offering, the timeline, and a summary of themselves and the home they are searching for.
These offer letters give you a bit more information about the buyers so that you can sell your home to a trustworthy family or person. Other things to pay attention to in offer letters include all-cash offers, contingencies, and other requests.
3. Respond Promptly
Responding promptly is essential, especially if you want to respect everyone involved.
The home buying and selling process can be time-consuming and no one wants to waste their time. Some buyers may choose to put a response date in their offer so that the process doesn’t go on longer than necessary. If you need an extension, you can discuss this with the realtor, however, try to avoid it.
It is in your best interest to promptly respond to offer letters as well. Not only will it get you one step closer to moving, but it will also ensure that you don’t lose a good deal.
4. Identify Your Priorities
Whether you are trying to get out of the house in time for the new school year or make the most money, you should identify priorities.
Your realtor will discuss these priorities with you to ensure that the process goes as you want. Job relocations and divorce are common factors that influence people’s priorities when selling a home. Be sure to let your agent know if this is your situation.
Getting your priorities straight will help you and the agent create a timeline that will keep you on track. For example, summer house selling goes much quicker than in the winter, but if you need to sell in February, a lower price will help.
The selling price and contingencies get influenced by external factors and expectations.
5. Check Contingencies
In nearly every offer letter you get, you will likely have contingencies.
Common contingencies in offers include home inspections, financing details, and appraisals. Some of these contingencies can work in your favor and save money, however, it can also be risky, especially when finances come into play.
Talk to your real estate agent about which contingencies will work in your favor, like all-cash offers and skipped inspections. Your agent will also advise you through the process if a contingency gets in the way of accepting an offer. They can write a letter declining the offer or renegotiating terms.
6. Pay Attention to the First Offer
In some cases, the best offer you will get is the first offer that you get.
When this happens, many people are tempted to keep going to see if they can get a better offer. Although this might seem like a better plan, it can put you at risk of missing out on an amazing offer. Pay attention to the market, observe the selling prices of homes, and carefully read the first offer.
With the housing market being so competitive, potential buyers can quickly change paths if you don’t make a fast decision.
7. Control Your Emotions
It can be difficult to decline a family that can’t afford your home but is undergoing a tragic event.
Many sellers find themselves in a position of making their decision based on emotions. Offer letters can get personal at times, and you need to get prepared to manage your emotions. When emotions take over, you are at risk of making a blind decision that isn’t necessarily practical.
If you find yourself about to cry with tears or joy or sadness, take a step away and regroup to make a logical choice.
How Many Purchase Offers Will You Review?
When it comes to selling your home, you need to get prepared to review purchase offers.
Homebuyers work with their real estate agents to organize a letter stating their interest in the home and a bit about them. Take some time to review all of the offers you receive with your agent. Watch for contingencies, all-cash offers, and other flags that could indicate a great sale.
Don’t be afraid to decline offers if you don’t feel that the family is the right fit or offering enough.
Be sure to check out our blog for more articles about the real estate market and selling your home!