Sunday, February 13, 2011 -
By Relocation.com Staff
When you receive a real estate offer, the first thing you will probably want to do is find out how much money they are offering. Although price is of course important you really need to examine the offer in its entirety. This means looking at the price, terms and contingencies.
Ask yourself the following questions:
- Did the buyer offer the list price? If not, is the offer price in the ballpark of the list price or is it way under?
- Did the buyer put down enough earnest money so you believe the offer is serious?
- Is the down payment sufficient so you believe the buyer can actually afford the property?
- What contingencies are included in the offer?
- The buyer obtaining financing is a common and reasonable contingency however a specific timeline should be included
- The sale being contingent on the sale of the buyer's old home can be a little more difficult as the seller does not know the condition of the old home and whether it will sell easily. This may be one you will not want to consider.
- The closing timeline can also be a contingency. In other words the sale may be contingent on closing within a specific timeframe.