If you’re like many people selling your home in Midland, you know that you want someone to come along and offer you more money than you’re asking for – but is money really the most important consideration? Check out these three things that you should also think about (and that may sway your decision while you’re sorting through the offers you’ve received on your home).
Is Money the Most Important Consideration When You Get Offers On Your Home?
When you’re fortunate enough to get multiple offers on your home, you’ll be able to choose the one that’s right for you. Aside from the dollar amount, here are four other factors you may want to consider:
- What type of financing the buyer is using
- How much of an earnest money deposit the buyer has
- Whether the buyer is willing to waive contingencies
- When the buyer wants to close
Here’s a closer look at each.
Consideration #1 for Offers: What type of financing the buyer is using
If your prospective buyers are using a mortgage loan to buy your home, you should see a preapproval letter with their offer. If they’re using cash, their offer will say so. It’s up to you whether you consider the method of financing the buyer is using, but many sellers prefer cash buyers because closing is typically faster and the potential for a mortgage denial isn’t there.
Related: 5 essential tips for new real estate investors
Consideration #2 for Offers: How much of an earnest money deposit the buyer has
An earnest money deposit is an indicator of how serious a buyer is about purchasing your home. The higher the deposit is, the stronger the offer (usually) is. The buyer’s earnest money deposit doesn’t go into your pocket; instead, it goes toward the down payment on the home. Putting down a significant amount may be a sign that the buyer really wants your house – so much that they’re willing to put down their own cash to prove it.
Related: What happens if a seller doesn’t complete repairs before closing?
Consideration #3 for Offers: Whether the buyer is willing to waive contingencies
Contingencies are conditions that have to be met before the sale can be completed. If these conditions aren’t met, the buyer has the option to walk away from the deal (so does the seller, in many cases). When buyers are willing to waive contingencies, they have fewer opportunities for a clean exit without purchasing the home, so this can be advantageous to sellers.
Related: How to remove pet odors from your home when you sell
Consideration #4 for Offers: When the buyer wants to close
Your closing date may matter – perhaps you’ve already found a new home and you want to close quickly, or maybe you have to move by a certain date so you can start a new job in another city. If your closing date is important to you, you may want to consider what the buyer is willing to do – and how close you can get to your ideal closing date. Sometimes buyers are flexible and will let you know that in their offer letters.
Related: Should you buy a duplex in Midland, TX?
Are You Buying or Selling a Home in Midland, Texas?
Use our site to search homes for sale in Midland and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches:
Property Valuation Request Form
Leave A Comment
You must be logged in to post a comment.