Dallas’ current real estate market is highly competitive. The property prices are at an all-time high, making it an excellent time to put your property on the market for maximum profits. However, when selling, you have to be cautious of the scams and carefully access each offer you get the most for your property.
Here’s a step-by-step guide to viewing and evaluating house offers to ensure you have a genuine buyer willing to pay top dollar for your home.
Is The Buyer Reliable?
Is the buyer offering all-cash payment? A buyer with an all-cash payment is the best candidate; you’ll get your full payment in a shorter time, and there are minimum chances of default.
You sign the transfer contract, and the buyer pays you the full amount in cash on hand, thus making it an ideal situation for a seller. This might lead to a slight decrease in overall profit, but it will save you from additional costs of buyers defaulting and failing to make the payments in the long run.
Is The Buyer Financially Secure And Has The Purchasing Capacity To Make The Purchase?
When looking for a buyer for your property, you’ll want to ensure your buyer is capable of purchasing to make the process hassle-free for you. Pre-approvals for the loan, earnest deposit, and down payments are all solid markers of their financial security.
Pre-approval guarantees the financial capacity of the buyer to acquire a property as a lender has already assessed their income, credit, and other papers. While pre-approvals don’t say much about a purchaser’s financing, it demonstrates they’re qualified to buy.
· Down Payment
A down payment is a significant portion of the selling price that the buyer pays themselves and isn’t financed through a lender.
This shows how interested the buyer is in making a purchase, and they have sufficient means to do so. A down payment of anywhere between 20 to 50% is a green signal for you.
· Earnest Money Deposit
Earnest money deposit is also a payment that the buyers make at the start. However, this is the amount that the buyer won’t get back and claim if they back out from the deal at any given point.
The higher the earnest money deposit, the better it is for you as a seller, indicating the reliability and financial stability of the buyer.
How Much Are They Willing To Pay?
The offering price by the buyer is an important consideration, but it isn’t the only one. Buyers may give a lower price in some cases, but the added benefits outweigh the higher price offered by another bidder.
Therefore, it’s significant for you to consider all the factors. Is the buyer requesting a home warranty? Is the buyer offering a free leaseback? Is the buyer paying for the survey coverage? Is the buyer covering the closing costs for you? Is the buyer willing to pay for a new survey if one is needed?
All these things might seem insignificant, but you shouldn’t ignore them when evaluating home offers.
A skilled and experienced Realtor can help you access and accept the best home-buying offer and ensure you get the maximum profit for your house
Contact them today to get started!