How to evaluate home sales offers

Here are some factors you should consider when evaluating sales offers:

Price. It’s important to know how an offer compares to the recent sale price of homes in your area. Your realtor can help you analyze local sales data.

Timing. A closing date that suits your requirements, for example, the need to move right away or at the end of your child’s school year. This might be worth more to you than the highest offered price.

Who pays for what. An offer that requires the buyer to pay for expenses you might normally cover, such as closing costs or legal fees, might add up to more dollars in your pocket than an offer with a higher price.

Things included in the deal. Buyers normally expect you to include everything permanently installed or attached to your property. The selling price should be higher if your buyer also wants items such as your refrigerator, washer and dryer, chandeliers, and furniture.

Buyer pre-approved. Even the best price will swiftly lose its shine if your buyer can’t come up with the funds on closing day. To protect yourself, make sure the offer specifies that the buyer has been pre-approved for a mortgage big enough to purchase your home.

Amount of the deposit. A serious sales offer comes with a deposit also known as "earnest money". It can be anywhere from 1 to 10 percent of the selling price, a higher percentage point towards a higher commitment of the buyer.

Offer is conditional. An offer that states the sale is contingent on sale of the buyer’s home is uncertain. It means the deal won’t close unless the buyer sells his or her current home, usually within a certain period of time. If the buyer can’t or decides not to sell, your deal will fall through costing you a lot of time and missed opportunities.

It is important to sit down with your real estate agent and go over every offer. A skilled agent will explain what every clause will mean to your bottom line and answer any questions.

Want to know more about what I do to sell homes? Contact me today at (626) 456-1911!

I specialize in the cities of Alhambra, Monterey Park, San Gabriel, Rosemead, Temple City, Arcadia, Pasadena, South Pasadena, San Marino, El Monte, Irwindale, Monrovia, Bradbury, Sierra Madre, Duarte, Altadena, La Puente, Covina, Azusa, La Verne, San Dimas, Montclair, Claremont, Upland, Rancho Cucamonga, Hacienda Heights, Rowland Heights, West Covina, Diamond Bar, Walnut, Chino Hills, and surrounding areas.