When you get an offer for your house, the devil is in the details that count much more than the offer amount. Let's help you learn how to evaluate offers for your home so you can make a well-informed decision that's right for you! *Timeline & More Info Below*
#HowToEvaluateOffersForYourHome
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What you'll learn:
1. Is the first offer on a house usually the best?
2. How to counter offer when selling a house!
3. How to evaluate offers!
NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)
Timeline:
1. 0:54 - Size up the offer price vs net proceeds to due you upon closing. The devil is truly in the details! Ask your trusted real estate advisor to provide you with an estimated net proceeds break down as the offer was submitted.
2. 1:40 - Factor any buyer requests for seller concessions! Common seller concessions explained!
3. 4:38 - Repair expenses resulting from the buyer's home inspection and/ or the appraisal report!
4. 6:09 - Work to understand the prospective home buyer's situation. Gaining insight will aid in your negotiation success to terms that amicable to both you and the buyer!
5. 6:39 - Is the buyer "pre-qualified" or "pre-approved" for their home loan?
6. 8:28 - What type of home loan the buyer is using? Each loan type may have specific requirements that MUST be fulfilled pursuant to the lending guidelines for the buyer's home loan!
7. 9:31 - Timing considerations!
Get clear on the time requested for:
- The closing date aka close of escrow
- Buyer's due diligence
- Appraisal contingency
- Financing contingency
- Inspection contingencies
- And any other contingency's that may be included in their offer!
8. 8:23 - How long will it take for the buyer to get final mortgage underwriting approval?
9. 11:34 - The date of closing vs possession date! Are you requesting a seller leaseback (aka post possession agreement) or is the buyer requesting early occupancy?
10. 12:32 - What contingencies are in the buyer's offer?
Common Contingencies when Buying a Home:
- Buyer's Due Diligence
- Inspection Contingencies
- HOA CC&R's review period (if applicable)
- Appraisal Contingency
- Financing Contingency
- Other contingencies that may have been added to the purchase agreement aka their offer
11. 14:01 - What types of home inspections are the buyers performing?
12. 15:02 - Is the buyer selling a house to buy yours? This is often referred to as a "contingent upon sale." This is also an example of "other" contingencies that may be added into the buyer's offer for your house.
13. 16:47 - Final thoughts!
Thank you for watching! =)
Enjoy an amazing day!
Andrew Finney
Trusted Real Estate Advisor, USMC Veteran
License S.0173260
Andrew@AndrewFinneyTeam.com
#AndrewFinney
Andrew Finney Team
King Realty Group, Inc.
6955 North Durango Drive Suite 1004
Las Vegas, NV 89149
Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group in Las Vegas, NV.
Andrew's videos are his own and do not necessarily represent the views and/ or opinions of KRG.
The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.
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