Real estate market can be quite unpredictable these days. With the prices soaring high, you might be lucky enough to receive more than one offer for your property.
If that’s the case, you can let the potential buyers know so that they can adjust the offers with the completion in mind. However, how can you tell when some buyer is genuinely interested in your house.
Besides working with your agent to close the deal, house buyers in Houston, Texas, will share a couple of strategies which can help you reach that decision.
Consider the price, but don’t stop there
The offer with the highest price will most certainly get your attention. But, this doesn’t mean you automatically hand over your property. In some cases, the highest bidders might be stretching their budget and later end up in trouble, when closing the deal.
For instance, they might not get approval for the mortgage to buy the property at the agreed price. So, instead of chasing the dollar sign, you should review the contract with your realtor. For instance, how much cash the buyer is planning to invest. In other words, the more cash, the lower the mortgage.
Compare the possibilities
When interested parties make an offer, they will include a couple of terms and conditions, that if not met, allows the back down from a deal. Usually, these conditions involve a few things, such as getting approved for a mortgage or passing a home inspection.
However, when you are selling your property, make sure the contract has less of these conditions. In that case, the buyer will have fewer chances of canceling the contract.
If the buyer wants to pay entirely in cash, then you won’t have to wait for mortgage approval. However, most of the time, the buyer will need approval for a home loan. But, you should check whether the buyer is pre-approved for the mortgage.
An offer from a pre-approved buyer is better than an offer from a buyer who doesn’t have any financial arrangements.
Check your home value
Let’s say you accept an offer from a potential buyer who orders an evaluation of the property. If the market value is less than the price he is offering, then the mortgage company will decrease the amount of money, they are willing to lend.
On the other hand, if an offer signals that buyer is willing to spend his own money to meet the deal you initially stabled, then you might find this offer more appealing. Instead of waiting for a buyer who is set on a loan, use this chance to sell your property faster.
Keep a close eye on closing periods
A buyer who wants to close a deal within a couple of weeks is more appealing than the one who needs months to review all terms and conditions. Once you consider the similar offers, and you want to move on with the selling of the property, a quicker close can be one of the factors that push your forward.