When a seller is considering offers for the sale of their property, it is important to evaluate several factors to determine which is the best offer. Here I mention some of the key points that a seller should take into account when evaluating offers:
- Price offered:
Analyzing the price offered in each offer is essential. The seller must compare the price proposed in each offer with the market value of the property and evaluate whether it is a fair and competitive offer.
- Financing conditions:
The financing conditions proposed by the buyer must be evaluated, including the type of loan, mortgage bank, loan requirements and the time to complete the financing. A solid financing agreement can be attractive to the seller.
- Credibility and strength of a cash buyer:
Investigate the financial situation of the cash buyer, it is necessary through the evidence of funds presented. Without this information you could be evaluating offers from potential cash buyers who do not have the necessary amount to complete the transaction. Some cash offers depend on the sale of the buyer’s property, it is important to verify how this process is to know if it is a better offer than the financed one.
- Deadlines and closing dates:
It is important to analyze the proposed deadlines for the completion of the sale and closing. Some sellers may prefer offers with shorter terms to close the transaction quickly.
- Contingencies in the offer:
Review any contingencies included in the offer, such as inspections, loan approval, or any sale of the buyer’s existing property. Fewer contingencies can make the offer more attractive.
- Flexibility in terms and conditions:
Consider the buyer’s flexibility in terms and conditions of the sale, such as date of occupancy, improvements to be made, furniture including, among other aspects.
Finally, carefully evaluating these factors and considering the seller’s personal priorities will help make an informed decision about the best offer for sale of the property. It is advisable to have the advice of a professional real estate agent during this process.