Are you selling your house? Here are key questions to ask before you accept any offer.
Selling a home is a significant financial transaction, and it’s essential to make informed decisions when considering offers from potential buyers. Remember, homebuyers are not the only ones with questions. You, as the house seller, should ask some important questions, too, before you accept an offer. Asking the right questions can help you evaluate offers more effectively and choose the one that best meets your needs.
This is essential, when you accept the offer to purchase, you’re taking your house off the market and starting the buying process. So, normally you want to feel as confident as possible. That’s why asking these questions is critical.
Here are some questions to ask before accepting an offer on your house:
What is their financial position?
Before you accept the offer, you should understand the financial position of the buyer. This means checking if they have to sell their home first in order to buy yours. What type of financing they will be using or if they are a cash buyer. In case they need to sell, this can significantly delay the speed of the sale, so you should be aware of that in advance. On the other hand, if they need a mortgage, it might be a good idea to check if they’re prequalified or if their loan is through underwritting. Additionally, if they are using financing, who is their lender and what is their reputation?
What is their expected timeline?
When selling a house, there is more than just financial considerations. What due diligence is the buyer wanting to perform on the home and how long are they wanting to complete that due diligence? Are they wanting an inspection? Title work? Financing conditions? Time to sell their home? Dates and deadlines are a close 2nd to financing when selling your home. You don’t wan to pull your house off the market through the busy season for it to crumble months later and you now missed the best time to sell your home.
Have they read your disclosures?
We’ve recently talked about the importance of disclosing all known details to the buyer about the property you’re selling, no matter if these details are positive or negative. But now it’s time to check if your buyer has read and agreed to your seller’s disclosures. These should be provided to the buyer prior to going under contract and signed. This could and should eliminate some after-the-fact negotiation because they are making their offer based on all of the information you’ve provided them. No, coming back and asking for a new water heater even though it is functioning due to its age if you’ve already disclosed it is 10 years old. Eliminate potential future negotiations up front.
Those are some of the main questions to ask your potential buyer before accepting their offer. The bottom line is to aim to get as much information about the buyer and their motivations as possible. Remember that while price is essential, other factors also play a role in evaluating an offer. Consider your priorities, timeline, and the overall terms of the offer to make an informed decision that aligns with your goals.
Not only will this save you a lot of time and stress, it will also potentially save you money. If you have any questions or need any help selling your home in Northern Colorado, the Soukup Real Estate team is here to assist you!
