As much as you want to sell your property quickly, sometimes you need to take extra time to clarify certain things before accepting an offer on your property. Here are four things to consider before you accept an offer from a buyer.
1) How Does the Buyer Intend to Pay for the property?
First, ask the potential buyer how they intend to pay for the property. If the potential buyer wants to pay with cash, this could be a very solid offer since cash sales are the fastest and easiest to process. It is also necessary to make sure the buyer is legitimately honest considering some less sincere buyers may make the claim that they will pay in cash and then back out at the last minute.
2) Has the Buyer Been Pre-Approved for a loan?
The next step is to ask if the buyer has been pre-approved for a mortgage. If so, you can feel confident that you will receive payment since the purchasing of property has already been approved by a lending institution. As frustrating as it is, there are people who make buying inquiries without having any real intention to buy. Those who have pre-approved mortgages generally are very serious about buying.
3) Will You Entertain Contingencies in the Sales Contract?
Finally, decided on whether you wish to entertain contingencies in the sales contract. Contingencies are typically various additional requirements for the contract to be executed. For some, contingencies can be chaotic since they nullify the contract. This is why there needs to be a clear understanding of all contingency-related causes before moving forward with the sale.
4) Look Over Terms and Conditions
Make sure to look over all of the terms and conditions of the sale in the purchase agreement. In certain cases, the buyer may try to put forth unusual terms and conditions in the contract. This may include transferring fees to the seller that would traditionally be paid by the buyer. This does happen often to those who don’t read the contracts properly from top to bottom, line by line. Making proper reviews of all negotiated sales agreements is highly recommended.
These four steps will help your sale go smoothly and will help ensure you are only working with buyers who are serious about purchasing your property. If you are in the market to sell your property, contact my team today! We’d love to hear from you.
Until Next Time