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How Do You Know When to Accept an Offer?

When you put your house on the market you have high hopes of getting multiple full price offers the first day. Unfortunately for most sellers, that rarely happens. Average marketing time in Freeport for a single family home is about 7 months. So when you do get an offer how do you know if you should accept, counter or reject. You just got an offer so what do you do now? Your Realtor will help you go through the offer, show you the good and the bad elements and help you decide what the best way to proceed is. Sometimes the highest price offer isn’t necessarily the best option. It may not always be about price. Here are some other things you need to consider when looking at an offer on your home. How much earnest money is the buyer putting down? Earnest money is a sign of the buyer’s “good faith” and usually the more earnest money the buyer is offering to put down, the stronger the offer. What are the contingencies the buyer is requesting? Most offers contain some contingencies, or provisions that must be met in order for the purchase to go through. Typical contingencies are financing contingencies, appraisal contingencies, inspection contingencies and home sale contingencies. There are other contingencies the buyer may request as well but these are the most common. The more contingencies a buyer puts in an offer, the greater the likelihood of potential issues or the chances of a contingency not being satisfied. Some other things to consider are the kind of financing the buyer is looking to obtain and how much...

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