Don't Accept Your Home Offer Before Reading This!
Don't Accept Your Home Offer Before Reading This!
When you finally receive an offer on your property, it can be tempting to accept it right away. However, it's important to take a step back and carefully review the offer to ensure that you're getting a fair deal. Here are some key factors to consider when evaluating an offer on your home:
- The purchase price: While it's the most obvious factor to consider, it's important to ensure that the price offered is in line with the market value of your home. Given the constant changes to the market, make sure you know what other homes in your neighborhood and area are selling for. Your realtor can help set up a search for you as well.
- Contingencies: A contingency is a condition that must be met in order for the sale to go through. Common contingencies include a home inspection, a mortgage approval, or the sale of the buyer's current home. Be sure to carefully review any contingencies in the offer to ensure that they're reasonable and that you're comfortable with them.
- Closing date: The closing date is the day when ownership of the property officially transfers from you to the buyer. Make sure that the proposed closing date works for your schedule and that you have enough time to make any necessary arrangements before the sale is finalized.
- Earnest money deposit: The earnest money deposit is a sum of money that the buyer puts down as a sign of good faith when making an offer. It's important to ensure that the amount of the deposit is sufficient and that the terms of the deposit are clearly spelled out in the offer.
- Financing: If the buyer is obtaining a mortgage to finance the purchase of your home, make sure that the offer includes a pre-approval letter from the lender. This will give you confidence that the buyer is qualified to purchase your home and that the financing is likely to go through.
- Additional terms: Finally, make sure to carefully review any additional terms in the offer, such as who will be responsible for paying for closing costs or repairs to the property. These terms can have a significant impact on the overall value of the offer, so it's important to ensure that you're comfortable with them!
Let me know what other topics about buying and selling you want to learn more about!
How can I help you?
Thinking of buying or selling this year?
I'm more than happy to sit down with you, answer any questions, and help you plan for the future.
Let me know if there is anything I can do for you! Call or text me at 678-495-8250
Alice Lee
Keller Williams, First Atlanta
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