Nashville’s housing market is booming. As many as 33,269 home transactions were reported in Nashville in 2014, an increase of 7.6% year-on-year! Experts believe that 2015 is likely to bring more cheer to the market as home sales will go up further.
If you are selling a home that is in a good condition and located in a nice neighborhood in Nashville or anywhere else in Middle Tennessee, buyers are likely to come knocking at your door as soon as you put it on the market.
Sounds like good news, isn’t it? It definitely is, but it doesn’t mean that you can have blinders on when selling your home. In fact, you have to be more cautious as you are likely to get offers from several buyers. Deciding which offer you should accept could be a challenging task. It may be easier to assume that the buyer offering the highest sales price should get your home, but interestingly, it’s not always the case. You have to take into consideration several factors to determine which offer is right for you.
Here are five most important things you should consider while evaluating an offer:
Is buyer able to fulfill the terms of contract with financing
It’s the most important thing to consider when evaluating a purchase offer. For example, a buyer may be offering you asking price or even more, but you need to be fully satisfied that he would be able to fulfill his financial obligations throughout the deal. Failure to obtain a mortgage at the last moment cause many real estate deals to fall through. So a buyer with a good credit history is always a good and safe choice.
Try to gauge the offer’s seriousness
You can easily evaluate how much serious a buyer is about his offer in many different ways. A buyer offering higher earnest money deposit will definitely be considered serious about his offer. So, when evaluating several offers, you should give particular consideration to those buyers who are eager to purchase your home and are not likely to back out at the last moment.
Go for a buyer offering the most flexible terms
The buyer who would be the most interested in your property will offer flexible terms in the contract, meaning less contingencies for you to meet. If a buyer is willing to buy your property ‘as-is’ without you having to make any repairs or is not asking for assistance with closing costs, you can definitely give priority to his offer.
Determine if the settlement date is appropriate for you
Each prospective buyer may offer to close the deal on a different date. Check which settlement date suits your needs. Consider the buyer who is willing to be accommodating about when you want to move out.
If you like a particular buyer, but are not satisfied with the offer price, then you can make a counter offer with help of your real estate agent.