Sellers can feel pressure when trying to decide whether to accept a buyer offer on their home. While real estate professionals can advise clients on whether to accept an offer, the final decision is up to the seller--and it can be an agonizing one.
In the current buyer’s market, buyers aren’t shy about making lowball offers to sellers either. So when should you accept or decline an offer?
Realty Times recently offered the following questions for sellers to consider.
1. Is the buyer pre-qualified/approved? You may not want to risk a deal falling through because the buyer wasn’t pre-qualified for a loan.
2. Do you need to move quickly? If you need to move quickly--due to a job relocation or to avoid foreclosure--you may need to accept an offer that is less than what you want.
3. Can you accept a loss? Be sure to take closing costs into consideration too as you weigh whether you can even afford to agree to the buyer's offer.
Realty Times also suggests sellers take into account how long their home has been on the market and the number of showings. Such considerations also can help sellers determine whether getting a better offer soon is realistic and would be worth the wait.
Source: “Should I Accept This Offer?” Realty Times (March 15, 2011)