How to Choose the Best Offer on Your Real Estate in Portsmouth
Receiving a good offer on your residential real estate in Portsmouth is indeed a reason to celebrate. In a hot market like real estate of Portsmouth, you might even receive multiple offers. When sellers receive multiple offers on their home, they often find it difficult to decide which one they should choose. Here are some tips for selecting the best offer on your home.
Even if you have a qualified real estate agent to protect your interests, you still need to have an understanding of the selling process. If you receive multiple offers, your agent may set a deadline and request all interested parties to submit their best offer within that time. Or they may ask you to negotiate one of the offers. When negotiating an offer, you can either accept or reject it. Or you can make a counter offer.
Know what is important for you
While listing the property, you should know your baselines and limits. Think about your priorities. If the price is the most important thing, be willing to be flexible on the length of due diligence or closing date. If you really must close by a certain date, you will perhaps have to make some compromises on price or terms. If you already know what you want, it is easy to accept or reject an offer.
Price is the most important factor for most sellers, but other things like closing date, earnest money amount, financing terms, and contingency periods are also important. An offer coming with fewer contingencies and a pre-approved mortgage is worth considering even if the price is low. Keep in mind that you are unlikely to gain much if the transaction does not close on time even if the offer price is high.
Choose offers accompanied by a pre-approval letter
An offer coming from a buyer who has a pre-approved mortgage is worth considering. All cash buyers are ideal but you have to ensure that the buyer has enough funds available to buy your home.
We have got several listings of residential real estate in Portsmouth. Take a moment to check them out.
Earnest Money
The earnest money is the good faith amount the buyer makes on your home. If it is only a small amount, the buyer might just walk out of the sale. A more serious buyer will most probably deposit a bigger amount. Keep in mind that in some cases, you will have to refund the earnest money to the buyer even if the deal falls through.
Closing date
If you are on a tight deadline and want to move to your new home at the earliest, you will want to choose an offer with a short closing time. Make sure that the closing date mentioned in the offer suits your timeline.
Real estate in Portsmouth attracts several buyers who want to capitalize on the huge potential of the area. Getting a good offer on your home is the first step to selling it. Keep the above points in mind while comparing offers and you will be able to make a better decision.