Imagine you’re selling your home and an offer from a buyer comes in. You’re excited. Your home might soon be sold!
What happens next?
Typically, we will review the offer together. There will likely be several things about the offer that need to be carefully considered. The most common are:
- The offer price.
- Evidence the buyer is financially able to purchase the property.
- Conditions on the offer, if any.
If the offer price is far less than you anticipated, there might be an opportunity to counter-offer at a higher price. This is part of the art of negotiation, which is an important step in selling your home successfully.
The buyer’s ability to afford your property is also important. Ideally, you’ll want to see a Pre-Arranged Mortgage Certificate from the buyer’s lender, or some other evidence that there won’t be any financial problems closing the transaction. The amount of the deposit is also key.
Finally, you’ll want to look at conditions. The most popular condition requires that your property pass a home inspection, but there may be others. Obviously, an offer with no conditions is ideal.
Debbie Tsintaris is a LOCAL REALTOR® in the Waterloo Region offering expert real estate services in Waterloo and surrounding areas in Southwestern Ontario.