If a potential homebuyer likes your property, he or she will make a formal, written offer. In a tight real estate market, where good homes are hard to come by and buyers are plentiful, you may receive dozens of offer letters. Your real estate listing agent will help you review and evaluate them.
In addition to a suitable offer price, look for a buyer who has a mortgage preapproval letter. This means that he or she has already been through some vetting and underwriting by a mortgage lender and should be able to close on the home. You’ll also want to consider any contingencies and concessions they’re requesting as well as their timeline for closing. If you find a buyer you like but who’s offering less than your listing price, your Realtor agent may be able to help you negotiate a better deal before both parties sign a purchase agreement.
How do you negotiate an offer a seller?
It’s often not wise to wait for the next best offer. If you have multiple offers that are close in value, ask the parties to present the best offer they can and make your decision in a specified timeframe. Keep in mind, the highest dollar amount is not always what’s best. Oftentimes the terms of the offer carry intrinsic value that can equal less exposure to risk. Any solid agent should be able to advise you.
Closing day when selling a home is just as exciting as when buying one. Finally, you are free to go where life is taking you, wherever that may be. But before you can hand over the keys, there are few final details you need to take care of for closing day.
Just like when you bought your home, you’ll need to pay some closing costs. For sellers, this typically includes your real estate listing agent’s commission (which he or she will share with the buyer’s agent), any outstanding liens, recording fees, title insurance, government transfer tax, and any credits or repairs negotiated with the buyer.
You’ll also need to sign transfer documents and the property deed. While this can be done in person at the closing table, you may be able to pre-sign these documents and skip the closing altogether. Your real estate agent can advise you on your options, and the sales proceeds can be wired directly to your bank.