Evaluating offers
OK you have done any necessary repairs, cleaning, and completing many other activities. As a Boca Raton home owner wishing to sell their house you reach the stage where they receive an offer and that is the idea right? The fortunate may find themselves entertaining more than one at a time, or with an ideal offer dropped in their lap. Knowing how to judge and deal with these offers is necessary and sometimes difficult.
You’re selling you Boca Raton home and as a seller you need to remember that what you paid for a property probably has little to do with what someone will offer you. While appreciating a good property is wise, home sellers should allow their real estate agents to guide them to a better understanding of the area and current market in order to determine what a fair price for your Boca Raton house is.
The things that determine a fair price are mainly what Boca Raton properties have sold in the past 90 days in your area that are similar to your home. Another consideration that appraisers will consider is what other Boca Raton homes are you competing against. Remember that if the bank has a REO like yours at a huge discount, that it will affect the amount someone will pay for your Boca Raton property.
Once you have an offer naturally the price is the key factor, but not the only one. For example, a prospective buyer who offers a great price but couldn’t borrow $.10 without a gun may not be able to follow through and get a mortgage. MSN Real Estate notes such cases can and do waste a significant amount of seller time and effort. If a buyer’s financial situation is unclear but the sellers are interested, this is a perfect time to say “No problem” I’ll have my mortgage broker contact you to let you know exactly what types of loans you would be eligible for.
Two Tips
TIP #1 Make sure that you have in your contract that the buyer must apply and receive approval for the loan within a short period of time, say 7 days. This lets you know quickly whether or not you have a real buyer or not so you can entertain other offers.
TIP #2 Accept back-up offers during the time while you are determining whether your initial offer is going to be able to qualify and close. In order to do this it should be included in the contract that you and the initial buyer sign. This does a couple of things, it lets the first buyer know they better get their act together quickly or they could lose the Boca Raton dream home they are hoping to buy. Secondly, it allows you to have a back up offer in the wings if the first offer falls apart.
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