Which Offer Should You Choose When Selling Your Home?

by Rhonda Hascall 11/03/2019

When selling your home you may receive many offers from different buyers, but the smart move isn’t always to pick the highest bidder. Selling a home goes beyond just picking the largest dollar amount; there are other factors to consider while selling your house and how they influence your decision:

Contingencies

Most home-sale offers come with certain contingencies before they can go through. These contingencies are certain conditions that must take place within a specific time-frame for the sale to be successful. You should pick the offer with the least number of contingencies and the shortest periods stipulated. Typical contingencies include a home inspection, approval for a mortgage and the home appraisal. When there is an inspection contingency, the buyer can withdraw his offer depending on how the inspection goes. Financial contingencies also allow the buyer to stop the purchase if they do not get a mortgage approved early enough.

All-cash offers

The best kind of offer is one that is offering cash up front. The offer may not be the highest, but it is guaranteed to go through because you don’t have to worry about a bank financing application that may or may not be approved.

Buyer pre-approval

Few people can afford to pay cash upfront for your home. The next best set of people are those who already have a pre-approval letter from their lender. This letter means that they can get a loan whenever they are ready. A buyer with a pre-approval implies that they already have everything necessary to get a credit and so the process following the offer will not be as difficult as it is for someone without a pre-approval.

Loan type

There are many kinds of mortgages, and if a mortgage from a bank backs your buyer's offer, then it is not going to be complicated. If the buyer is using an FHA loan or another government-backed credit facility, it could become involved with more processes and requirements.

Closing timelines

Everyone wants to close the process as quickly as possible and move along to other things. If the buyer wants to close immediately or under thirty days, then that is the perfect situation. You could also need some time especially if you are buying another house and would like it to be ready before moving in. Work with the offer that offers you the best timelines for your plans.

Price matters, but a lot of other things matter too when considering offers for your home. Discuss these with your real estate agent to help you decide which offer will work best for you.

About the Author
Author

Rhonda Hascall

Everyone needs a place to call home and the Hascall Realty Team has been dedicated to helping clients find that perfect home in San Diego County for over 20 years. We are experts in relocation and know first hand what's involved in making a successful move - whether it's across the country, from around the world or just around the corner.

Our mission is to put the fun and excitement back into the move. We know that our attention to details, our ability to listen to your needs and our enthusiasm for the process allows us to do just that!

Every one of us is determined to find just the right home for you, whether you are looking to buy, rent or need to sell your home to move. We have taken the time to educate ourselves in all facets of real estate and are experts in the field.

The Hascall Realty Team is family owned and operated. Our boutique style firm allows us the ability to devote exactly the right amount of time to your specific needs and you will never feel like just another client with us.   

Everyone needs a place to call home and needs a friend to help them along the way.