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Evaluating An Offer Is An Art
Dated: January 11 2017
Once we have marketed your Tarrant County home successfully, there follows the delightful interlude during which the eager buyer awaits your response to his or her offer. It will be 100% delightful if, in evaluating the offer, all details are as you hoped and expected. But many times, evaluating an offer results in more than a simple “Yea” or “Nay”—the details can be crucial:
Offer Price. Suppose the top line number is close enough to your asking price to bring a smile to your face. Your Tarrant County property’s value has been acknowledged by the buyer—it’s in line (or better) with neighborhood comparables, and your net after expenses will enable you to move on to your next residence without financial strain. Evaluating an offer only begins with that eye-catching number, but it doesn’t end there. There are all the other elements, many of which boil down to the level of risk going forward.
Deposit. High on the list is the pledged amount that accompanies the offer. Whether it’s called a deposit, earnest money, or pledge, this serves to instill confidence that when you are evaluating the offer you know that it’s backed up with more than wishful thinking. If the amount is greater than the customary minimum, it’s a signal that the would-be buyer is more than minimally serious about completing the transaction, that their financial ability to execute is demonstrable—or both. Evaluating this detail of an offer does, however, involve factoring in whether it would be unduly easy to “de-commit” the committed amount, as well as the true liquidity of the pledge (overseas bank deposits, for instance, raise eyebrows).
Inspection provision. Almost every serious offer will be contingent on the property’s condition passing inspection—but this is a risk element that’s largely controllable by the seller. It’s the reason some Tarrant County sellers get ahead of the game by investing in their own inspection before listing. Twelfth-hour discoveries of maintenance issues that could have been fixed beforehand are apt to throw a disproportionate amount of cold water on a transaction that had been proceeding smoothly. If a condition has been properly disclosed in advance, evaluating an offer will include verifying acknowledgment of disclosures.
All the rest. An offer may have any number of other provisions, so properly evaluating an offer means carefully weighing the practical impact each may have. The timing elements can be crucial. Too lengthy a closing can be inconvenient and add a degree of uncertainty. Too swift a closing may create an interim “no-place-to-live” situation—and wow—can that be awkward and expensive! An offer that is contingent on the sale of the buyer’s home adds a degree of uncertainty that needs to be evaluated with knowledge of that area’s specifics. Any detail that introduces uncertainty adds to the ultimate risk.
Success in evaluating an offer for your Tarrant County home—or comparing multiple offers when that auspicious situation occurs—often means a lot more than a simple yes or no decision. Coming up with a strategic counter-offer is often called for—and that’s when there’s no substitute for having an experienced agent by your side to help fashion a strategic win-win counter offer.
To discuss these and all the other steps that will result in the successful sale of your property, give me a call to arrange a no-obligation consultation.
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