If you’ve ever put your house on the market, you’re familiar with the large number of questions you’ll get from potential buyers. Frequently, unskilled sellers are so grateful to have an offer that they forget to make any inquiries of the buyers. Whenever you take your home off the market and “reserve” it for any buyer, you want to have as much confidence as possible that they will go through with the offer.
Top Ten Questions to Ask Before Accepting a Deal:
Listed here are ten questions every seller should ask before accepting a buyer’s offer:
1. Is the Buyer’s Loan Approved in Writing? If Not, Why?
If the buyer’s loan is not approved in writing, you basically trust their word they have the money to purchase your home. There’s nothing worse than having your hopes up and then having to start all over because the buyer’s loan was not approved.
2. Are the Buyer’s Down Payment and Closing CostsLiquid and Available?
Few buyers wait till the last second to get the money from their savings and investments. However sometimes at the last moment an investment’s value is not as much as the buyer anticipated. If the buyer was relying on invested money for a down payment, he or she won’t be able to provide the amount. Make certain the buyer’s money is liquid and available.
3. Would the Customer Provide Evidence of Funds?
This is more for cash buyers. You’ll want to have some assurance they have the money is easily available. Whenever you purchase a bank-possessed home, the financial institution will need evidence of funds for cash offers. Why shouldn’t you?
4. Will the Buyer Have Time Limitations?
It’s important to know the timeline you are working with. You need to make sure you are out of the house before the buyer decides to move in.
5. Has the Buyer Read and Approved the Seller’s Disclosure?
Make sure you have established your seller’s disclosure and that your agent has provided it to the buyer. Find out if the buyer read and approved the reports before they came up with a deal.
6. What Property Assessments is the Customer Going to Order?
Discover what kinds of assessments the customer wants, and have your real estate agent ask the buyer’s agent if they’re going to have sufficient time to complete these assessments within their option period. You don’t want them to come back and ask for extra time.
7. Is the Customer Flexible About Closing and Change of Possession Dates?
This is particularly important if you’ll need to look for a house and move. You may want to consider renting a place to say rather than waiting to buy to avoid losing your buyer because they have to wait. It may cost you a bit more, but it’s worthwhile.
8. Will the Buyer Have to Sell a House?
If the buyer has to sell their house before they are able to complete the purchase, you’ll want to ask yourself if this is worthwhile. If the customer is not realistic about the purchase of the home, it might seriously delay them inpurchasing your house.
9. Has the Buyer Purchased a Home Before?
Some first-time buyers are skittish and will also be much more likely to go for something small whereas individuals who have purchased houses before know when something just isn’t a good deal. This isn’t a life-or-death situation – just more information to set your expectations.
10. Will the Customer Entertain a Counter Offer?
Although the buyer’s agent shouldn’t reveal anything regarding their client’s motivations, sometimes they’ll make a mistake. Why don’t you raise the issue? In the event you discover the customer will entertain a counter offer, you will know this offer is not their greatest offer. Maybe you can get a few more dollars from them.
The main point is to get as much detail about a buyer and their motivations as you can before you decide to accept a deal. This could save you considerable time, stress and money.