Selling a home in a coveted location like Long Beach Island can be easy, fast and straightforward, considering how many people aspire to own an exquisite oceanfront property. But this overwhelming demand can also create the biggest challenge you have to face: With so many offers coming in, how do you make sure that you are not letting a good deal slip through your fingers?
A great home sale is not only about taking the biggest offer. The following steps will help you arrive at a smarter and more satisfying decision:
- Be on the same page with your agent
- Keep your emotions in check during every decision-making process
- Learn how to spot a strong offer
- The buyer can present proof of his or her financial capacity, such as a mortgage pre-approval or a large down payment.
- The buyer offers a substantial earnest money deposit. Down payment aside, a willingness to deposit a large sum in good faith suggests that the buyer is serious about buying your home and is unlikely to renege from a preliminary purchase agreement.
- The buyer is willing to waive contingencies. Inspections, appraisals, and title reviews are required contingency measures before a sale can be closed. In the rare instance that a buyer is willing to skip these steps, you can be confident about a speedy sale with no legal liabilities or additional expenses resulting from the forfeited contingencies.
- Understand the nuances of cash offers
Discuss your motivations, priorities, and goals for selling your home with your agent. Do you need to sell fast because of a new job opportunity elsewhere or are you willing to wait until the best value offer is on the table? Let your agent know so he can look out for your best interests throughout the selling process.
Be careful with getting too excited about selling your home. It might make you accept the very first offer as soon as comes in.
Be careful with your sentimental biases toward the property, too. The memories and emotions you associate with your home can make you expect too much for it, compared to what it is actually worth.
No matter how much you love your home, you must only answer the question how much is my house worth? through data-based and objective decision-making. Always work with your agent to make sure that your feelings do not get in the way of your sale.
Consider the following as encouraging signs of an offer worthy of serious consideration:
A cash offer that promises a direct and full payment is understandably hard to refuse. Not only will you get the full amount for your home right away, you can also breeze through the closing process with less paperwork.
But before you say yes to a cash offer, do your due diligence to verify that the buyer does have the required amount on hand. Cash must be liquid and immediately available. For instance, buyers who depend on the sale of their stocks or mutual funds, a direct loan from relatives, or liquidating retirement account funds to secure the cash they need must not be considered a legitimate cash buyer.
Accepting a cash offer also means you are likely taking less money. This makes sense if you have an immediate need to address. Otherwise, evaluate whether a conventionally financed offer will give you greater returns for your home in the long run.
Looking for a trustworthy local Realtor to guide you through your home sale? Call Craig Stefanoni at 604.432.1104 or email cstefanoni@zackshore.com today.