What to Look for in a Real Estate Offer
Moving Station has found you a great agent, your home is on the market and now the offers are rolling in. How do you recognize which offer is the best offer? Below are five things to look for in a real estate purchase offer.
- Cash vs Financing: A cash offer means the buyer wants to purchase the home without securing a mortgage loan. This eliminates the risks of the deal falling through due to the buyer’s inability to obtain financing and usually amounts to a faster closing time.
- Contingencies: Appraisal, mortgage, title, and home inspection are common contingencies in a purchase offer. Offers that include the sale of the buyer’s home prior to closing contingency allows the buyer to terminate the contract if they cannot sell their home. Consider the terms of all contingencies carefully.
- “As Is” Sale: Buyers always have the right to inspect the home they are purchasing, but the buyer that adds or accepts an “As Is” clause is prepared to purchase without guarantees from the seller that everything is in working order. The buyer is willing to accept the home in its existing condition.
- Closing Date: On average real estate transactions require 45-60 days
(allowing for the mortgage contingency). If a buyer is requesting an excessive amount of time to close, this could signal issues in the background that can torpedo the sale.
- Earnest Money: Sometimes called a good faith deposit, earnest money indicates that the buyer is more serious and larger deposits may also indicate greater financial stability.
A great agent knows how to recognize a great offer for their client. Let Moving Station and a Personal Relocation Manager (PRM) put you on the path to a great offer.