Congratulations! You received a message from your KW agent that you have an offer on your home. Now you need to evaluate that offer and decide how to respond.
- The amount of the offer
- An explanation of how the buyers will pay, such as cash or a pre-approval for financing
- The terms – such as a request for closing cost help or contingencies such as the sale of the buyers’ house, a final mortgage approval, a satisfactory home inspection and an appraisal
- A target date for closing
- An earnest money deposit
- A time limit for the offer
- The amount offered
- Whether the buyer has included or waived contingencies
- Where the funds are coming from, such as all-cash, a reputable local lender, a well-known online lender, or an unknown out-of-town lender
- The proposed closing date and date of possession of the house to see if it aligns with your needs
- Any special requests for items to convey or for special inspections
- Accept the best offer. If one offer stands out above the rest, you can accept that one right away. But be careful not to be swayed by a high offer if the financing seems uncertain or if the buyer hasn’t explained a plan for a possible low appraisal.
- Counter all the offers to get a better price and terms. You can ask all potential buyers to give you their best offer by a certain deadline.
- · Counter one offer that’s close to what you want. If you like one offer but think the buyers could do a little better, you can send them a counteroffer to see if they’ll accept it.
Deborah Kerr - Metuchen Real Estate Agent 