If you are selling your Minneapolis St Paul house in a seller’s market, you’re probably expecting to get an offer very soon… but once you get an offer, what should you do? In this blog post, you’ll read how to prepare for the home buying offer in a seller’s market in Minneapolis St Paul…
In a seller’s market, you’re almost certain to get an offer on your house. But what should you do when you get an offer? Do you just accept it? Do you negotiate? How? What should you do? Depending on what you do can make a difference between dollars in your bank account or frustration.
When it comes to accepting offers in a seller’s market, it’s best to be prepared. Here’s how to prepare for the home buying offer in a seller’s market in Minneapolis St Paul…
How To Prepare For The Home Buying Offer In A Seller’s Market In Minneapolis St Paul
First, decide on the criteria that you want in the offer.
Ask yourself what’s most important to you. Much advice has been given on what to do with multiple offers. We have found that just picking the highest price doesn’t always translate to the best offer. We try to get people to think about a system that will help them determine the best offer to take. It will be a combination of price, terms, timing until closing, contingencies, and ability to close on the deal. If you fallow and prepare for the home buying offer in this seller’s market, you should be successful.
Second, think about what you want for a bottom-line price.
In a seller’s market, you may get a higher price than your bottom-line price but it’s also very common for property owners to accidentally over-estimate the price they think they’ll get on their house. Therefore, determine your bottom-line price. Chances are, you’ll get an offer somewhere between your bottom-line price and your preferred price. The highest price offer isn’t always the best offer. As you will find out soon, if someone has cash and can close fast without any contingencies, that might be the best offer even though its a bit lower price. We at Minnesota Cash Home Buyers buy homes here in Minneapolis St Paul and have found from our clients that even though we might be a bit lower in asking price, the value comes with us bring an all-cash offer to the table and you the seller picks the closing date. We want to make the whole thing easy for you. Contact us for more information on our home buying offer in Minneapolis St Paul.
Third, think about the possession date you want and consider any flexibility you have.
You might want to move right away, for example, but you could potentially open yourself up to better offers if you don’t press for a specific possession date but instead find out what buyers are willing to offer. If you are having to close fast, some buyers are able to do that, but most likely you are going to need to sell to a professional home-buying company that can close in as little as 7 days.
Fourth, remember that you’re still the seller.
Even though it’s a seller’s market, remember that the buyer is still the one with the money and they could decide to buy a different house. Decide which terms and conditions are absolutely imperative for you and which ones you’re more flexible on. That way, if a buyer has all the money and no contingencies and is willing to close within your preferred timeline, you can work with any conditions they may have.
How to take advantage of a seller’s market, it’s often thought that the seller has the advantage but there are times when you might want to sell now instead of putting your house up for sale, cleaning it up, and seeing what buyers will offer.