When Should You Accept An Offer To Buy Your Home?

Posted by Jennifer Dollar on Monday, June 4th, 2012 at 9:40am

accept_an_offer_400One of the tricks of selling your home for all you can is knowing when to accept an offer from a home buyer and when to reject it.  Sometimes the answer is an obvious one while other times you may not be sure what to do.  Here are some thoughts to mull over when you are deciding on whether to accept an offer to buy a house.

How Much Are They Offering?

Start off by taking a look at the offer.  Is it the asking price?  Is it more?  Is it less?  If an offer to buy your home is at or above the asking price then you probably want to accept the offer.  If it is below the asking price then you want to ask yourself how far below the asking price it is.  Then you need to decide if you are willing to wait and take the risk that you might not get a better one.  First you need to consider that there could be more going on than the offer.

Are There Strings Attached To The Offer?

Not every offer is what it seems.  A home buyer may be offering one amount on the surface while hiding discounts that could amount to thousands of dollars and a myriad of other seller fees in clauses and contract additions.  You need to factor these costs in because they could significantly change what would otherwise seem like a good offer to buy a house.

Have You Had Other Offers?

Is there genuine interest in your home from multiple parties or is this the only offer you've had?  If you are getting a steady stream of offers then it is easier to pass on one in the hopes that a better one will come along.  If the offers to buy a house are few and far between then you will want to think twice before passing on any decent offer.

Can You Wait?

Are you able to wait to sell your home or are you spending money on mortgage payments, taxes, insurance, and such expenses that make waiting cost more than you want to spend?  If this is the case then you want to factor the savings of selling your house sooner into the equation.  Do you have the time and the resources to continue doing everything it takes to sell your house?  Again, the face value of the offer is not the whole story.

Take Everything Into Consideration

The stress of selling a home can itself be a motivation to sell sooner.  Sometimes wringing every last dollar out of a home buyer is not worth it when you consider all the stress and effort that goes into it.  This and everything else that goes into prolonging the process of selling your home should be considered when you decide if you will accept an offer.  Your time, effort, and stress level are factors that could make it worth it to accept an offer that is a little less than you hoped for.

When should you accept an offer to buy a house?  You should when everything feels right to you.  There could always be another home buyer around the corner willing to pay more and it is up to you to decide if it is worth it for you to wait to see if they show up.

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