How to Evaluate an Offer on Your Home

How to Evaluate an Offer on Your Home

Hey, guys. We are in a competitive market and sellers are getting multiple offers on their home. So, how do you know which one to pick?

A lot of sellers choose the highest offer without any research. What if that buyer doesn’t have the funds or financing to make such an offer?

Find out if your buyer is pre-approved. Remember, pre-approval is different than pre-qualification. When a buyer is pre-approved, they are have worked with a lender. Income has been verified, credit has been checked and all the proper documents have been filed.

Once you know they are pre-approved, find out what type of loan they have. How are they making their down payment? Sometimes there are contingencies where a buyer needs to sell their home first before they can buy yours.

When is the closing date? A typical closing lasts 30-45 days. Is there a reason they need a shorter or longer period?

What about a cash offer? Much like checking for pre-approval, check to see if the buyer has the funds. You can do this by simply looking at a bank statement.

Thanks for watching guys! If you have any questions, please give me a call!