Basics of Property Management: Screening Potential Tenants

Ask Yourself These Questions When You Receive An Offer On Your Home

6 December 2016

Jesse Obrien

Just as it's a big step to list your home for sale, it's also a big step when you finally receive your first offer. Typically, you'll have a certain amount of time to respond to the offer — 24 hours, for example — and it's advantageous to use as much of this time as possible to evaluate the situation. It might be tempting to quickly accept or decline the offer, but taking a day to ask yourself a series of questions can help you feel confident in making a decision that you can relay to your real estate agent. Here are some important questions to ask yourself.

Do I Need To Get More For The House?

Every seller wants to get as much money as possible for their home, but you might wish to ask yourself if you feel that you need more than is currently being offered. Sometimes, a lower offer can be desirable because of its lack of conditions, for example. Other times, you might feel that you aren't in a huge rush to sell and, as such, you don't want to part with your home for the amount in the current offer. It's also advantageous to talk to your real estate agent about the price you wish to get, as he or she will let you know if this number is reasonable.

Am I Comfortable With The Conditions?

Often, you'll receive an offer that contains a number of different conditions. It's common to have an offer conditional on a successful home inspection and on the buyer's ability to secure financing, but you might also receive a condition that requests that you fix a certain part of the home before selling. You should always use the day that you're considering the offer to decide if the conditions suit you. Generally, the fewer conditions an offer has, the more desirable it is to the homeowner.

Does The Closing Date Suit Me?

The offer you receive will also include the buyer's preferred closing date. You'll need to evaluate whether this date suits you — and, like the price, this is negotiable. If you haven't yet found a home to buy, you won't likely want a short closing date. Conversely, if you're in a hurry to sell your home because you're moving out of the state, you won't want a long closing date. Share any concerns with the offer with your real estate agent, who can explain any issues with you and develop a strategy for countering the offer.

For more information, contact local professionals like Thomas Brackin Real Estate.

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