Just as setting a listing price is ultimately your decision, so is whether to accept an offer. These days, it can be difficult to decide if an offer is a good one, because there are so many influential factors. Getting an offer is the first positive step. Now take a deep breath and consider your options.
Are you under pressure to move? Whether it’s finances, family, or a job transfer, the urgency of your need to move may dictate accepting an offer lower than you had expected.
Likewise, how much debt do you still carry on your mortgage? Unless you are listing under “short sale” terms, you don’t want to accept an offer that’s less than what you owe, so pay close attention to how depreciation and closing costs affect your bottom line before making the decision to accept or counter an offer.
Another important factor to consider is whether or not the buyer is pre-approved for financing. If so, you can expect a quicker closing with no surprises, and confidently begin the pursuit of purchasing your next home. Even a lower offer from a pre-approved buyer may be better than a higher offer from one whose financing falls through at the last minute.
Remember, offers are about negotiation and compromise. Be flexible and reasonable when considering any and all offers that come your way.
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.