Bel Air Home Sellers Should Read Offers Carefully
In a seller's market, it can be tempting for a Bel Air homeowner to instantly accept the highest offer made on their home. Especially when there are multiple offers coming in to purchase. However, it is best for Bel Air homeowners to carefully read every purchase offer they receive and keep an eye out for red flags. Just because you receive an offer to buy your home does not mean that it is trustworthy and promising.
The help of a trustworthy local real estate agent looking over the terms of every offer you receive will help you determine if the offer is a promising one to accept. While no home offer can be completely 100% guaranteed until the closing paperwork is signed and money is transferred there are some ways to determine if an offer looks suspicious.
Here are some things to look out for on a purchase offer for your Bel Air home
It just seems too good to be true
If an offer seems like it is way too good to be possible there is a high possibility that it probably is. You want to make sure that the offer presented seems down-to-earth, realistic, and financially feasible for today's real estate market. If someone is offering well over your list price and much higher than other offers coming in this should be a sign of concern. This is a sign of a buyer only trying to catch your attention and there will probably be many hoops to jump through on an offer well above market value.
There is no preapproval
If the buyer has not yet talked to a lender this is another cause for concern. Serious buyers will not make an offer on a home before knowing what a lender will realistically approve on a mortgage loan. The best and most solid home offers will come with a preapproval letter attached. This does not mean that every offer you receive without one is from a buyer who has not explored mortgage options but most often it is cause for concern. You want to make sure that your buyer knows their buying power, has secured their financial details, and is making a solid offer that is likely to secure a mortgage loan.
The offer is contingent on another sale
This isn't necessarily grounds for immediate offer dismissal but it can be potential for the sale to fall through or be delayed. If the buyer has not yet sold their home and has written into their offer that their home needs to sell before they can move forward with the purchase of your home that could delay the sale of your home. It could also mean taking your home off the market for a specified amount of time only to have the deal fall apart altogether. You may want to ask for more details about the property the potential buyer needs to sell before agreeing to accept these terms.
Interesting requests have been made
When writing up a purchase offer a potential Bel Air homebuyer can include any requests they want. Some requests are completely valid and quite common when putting together a purchase offer. Such as the buyer really loves the mirror in the entryway that you have hanging on the wall in the home. They may ask if you would consider leaving that mirror in the home when you move out. This is a bit unique it is not completely uncommon and is worth asking. However, if the buyer makes several unique requests or requests that seem completely off-the-wall this is cause for alarm. It is important to carefully look over all requests being made and consult with your real estate agent as to whether you should entertain these requests or move on to another purchase offer on your home.
If you are considering selling your Bel Air home please contact me. I am here to help take the stress out of selling your home and negotiate the best terms in your interest on your behalf. Contact me anytime for Bel Air real estate needs.