How to Choose the Best Offer When Selling Your Home

It is common to receive more than one offer from a prospective buyer when selling your home. While you might be tempted to take the highest offer, it is not always your best choice. To help you decide what offer is best for you, we recommend learning more about what is involved when selling your house. 

Learn About the Selling Process

The selling process will be rather involved and detailed if you decide to hire a real estate agent to sell your home. Before your house is even listed on the market, your realtor will go over various things you need to do to get the home “sale-ready.” These could include:

• Repairs
• Maintenance
• Decluttering
• Cleaning
• Staging
• Home Inspections
• Home Appraisals

All these things take time and cost money to complete. Anything that costs money will need to be paid upfront, so you do need to be able to cover these expenses. 

Even after your home is listed on the market, you need to know specific processes and steps. Viewings and open houses are a big part of selling your home with a real estate agent. During viewings and open houses, you have to leave your house. You must also remove all pets and all signs of pets. The only exception is fish. 

When offers start rolling in, they could include:

• Common Contingencies
• Inspection Contingencies
• Appraisal Contingencies
• Seller Contingencies
• Closing Cost Contingencies

Contingencies are things the potential buyer expects the seller to do should they accept their purchase offer. Conversely, sellers can negotiate on the offer price and any contingencies to reach a final sales price. 

However, before you start negotiating with a buyer, you need to decide if their purchase price offer is the best or if you want to see if another buyer will get into a bidding war with them. 

Learn About Selling Your House Yourself

Another option to sell your house is to list it as “for sale by owner.” If you decide to go this route, you are responsible for preparing the home for sale, advertising it, and showing it. Other than cutting out your realtor, the processes are pretty much the same as using a realtor. 

The primary benefit of selling your house yourself is that you do not have to worry about paying a commission to a real estate agent. However, you would still be expected to pay the buyer’s agent a commission. 

Understand the Benefits of Cash Offers

While most potential buyers will need to be pre-approved or get financing after making you an offer, some buyers will make you a cash offer. A cash offer is completely different because it often cuts out a lot of the common contingencies. 

Although a cash offer is usually less than your asking price, there are benefits to consider accepting the offer, such as:

• You do not have to wait for the buyer to obtain financing.
• You do not have to worry about the deal falling through.
• The selling process is faster and can be completed in a few weeks or less.
• The closing processes are much simpler and easier.
• You usually do not need appraisals or inspections for a cash offer.

Don’t Take Offers Personally

It is easy to become emotional when selling your home, whether you sell it for cash or wait around for a buyer to obtain financing. Regardless of what method is used to sell your house, remember not to take offers personally.

From the buyer’s perspective, you need to remember they are making a purchase, whether it is for their primary home or investment property. Therefore, they will treat the process as a business transaction, and so should you. 

So, if you get a low offer on the house, take into consideration it shows the buyer is interested in the home. Then, use their initial offer as the start of the negotiation process. 

Guidelines to Evaluate Cash Offers

Evaluating cash offers is slightly different. The potential buyer is interested in your property. However, they may have already waived a bunch of contingencies, inspections, and appraisals.

So, you need to consider the costs of these things when reviewing their offer. How much would you have ended up paying or having to take out of the proceeds of the sale? You might be surprised their offer took this into account, and they are offering you a fair market cash offer. 

Another thing to consider when evaluating cash offers is whether you need to make any repairs or maintenance. Sometimes you can skip all the processes you would have to do when listing the home using a realtor or “for sale by owner,” and you will not have to do anything other than wait for prospective buyers to make cash offers for the home in “as-is” condition. 

Never Accept the First Offer You Receive

Even though it can be tempting to accept the first cash offer you receive, especially if you want to sell your home quickly — don’t. If there is one interested cash buyer, there are most likely more in your area. So, be patient and ask the cash buyer to give you a few weeks to think it over, so you’ll have a little more time to wait and see if you get additional cash offers. 

Work with Trusted Cash Sales Experts

If you are interested in selling your home for cash and receiving a cash offer, it is essential to work with a trusted cash sales expert like 800CashToday. We have an extensive network of cash investors and cash buyers in nearly every state. 

As a result, it is easy for you to submit basic property details through our website and receive a competitive cash offer from a local cash buyer. Plus, it is free to use our service. 

Most of our sellers receive a fair cash offer and can close as early as the same week they contact us. Best of all, you are never under any obligation to accept a cash offer you do not like. So, if you do not like the one you received, you can decline the offer and wait for an offer that better meets your bottom line expectations. 

Consider Other Perks/Benefits of Selling for Cash

Besides making it easy to receive a local cash offer for your house, you need to consider the other perks and benefits you can receive when selling your home through 800CashToday, such as:

• Flexible Moving Date – You decide when you want to move, which will determine the closing date.
• Fast Sales – If you are in a hurry to sell your home, we offer fast 7-day sales and quick closings.
• Guaranteed Buyers – You never have to worry about the sale falling through, as our buyers are professional and have their financing in order to complete the sale. They’re even ready to provide earnest money to show they’re serious about buying your property.
• Instant Cash Advances – Once you accept an offer and open escrow, we can advance you up to $10,000 of the sales price interest-free. Any advance is deducted from the proceeds at closing.
• Free Local Moving/Moving Credit – The buyer will cover up to $1,500 in local moving costs or long-distance moving credit. If you do not need a mover, the moving credit is added to your proceeds after closing.
• Free Credit Repair – If your credit is not so good, we offer free credit repair through a national credit repair service.

Therefore, when considering the cash offer you receive, remember to include the value of these other perks and benefits to determine whether you want to accept the cash offer.

To learn more about selling your home for cash in “as-is” condition or for further questions, please feel free to contact 800CashToday at 1-800-CASH-TODAY! If you are ready to sell your home, simply enter the details of your home to connect with a local buyer.