You've got an offer on your listing among Beavercreek homes for sale. But is it a good one? Fortunately, there are some ways you can tell if an offer on a house you're selling is the right one.
Let's explore what our REALTORS® advise when assessing how good an offer on your home might be.
How to Rate an Offer on Your Home
What if you need a flexible timeline?
It's possible you'll need to close quickly so that you can move to your next house. That means you will want to find a buyer to pay with all cash and who can close right away. You might also need to extend your closing timeline. Are you having a house built and don't know when it will be ready? A buyer with a flexible timeline, who doesn't want to close for a couple of months, could save you from having to move twice.
When closing costs are included...
A high offer may include the buyer's closing costs. That could be between 2 and 5 percent of the home's price. Factor in closing costs with your asking price, and there's no reason not to look at an offer that includes closing costs.
Repairs may be factored in.
The home may need some repairs. A seller may not have money to do them; a buyer who's willing to do repairs could make an attractive offer. Obviously, buyers will be getting an inspection report. Some buyers will ask you to fix some or even all repairs needed, while others won't.
Why a larger earnest money deposit sweetens the offer.
An earnest money deposit is also known as a good-faith deposit. It is a sum of money the buyer offers to prove he or she means to purchase the home. It is generally 1 to 2 percent of the sale price. The higher the deposit, the more serious the offer. The earnest money will go toward the down payment once the home is closed on. But if the buyer breaks the contract, the seller may keep the deposit as consolation.
There's a lot to know when buying or selling a home. That's why you need a knowledgeable Realtor. Contact Wright-Patt Realty today.