You’ve put your home on the market, and you’re getting a lot of interest. Maybe you had an open house or numerous tours. Out of all the interest, you’ve received multiple offers on your property. While you may be tempted to focus on the offer price, you might want to look beyond the dollar signs to decide the best offer.
Anyone can offer you a good deal on your house, but can they back it up? If they don’t have financing in place, it could spell disaster for you. Many times, a buyer will be pre-qualified for a loan but not pre-approved. This means they could qualify for a home loan, but the lender hasn’t looked at the details and approved their application. They might get approved but not for the full amount. A buyer with financing in place or even better – cash in hand, will make selling your Washington DC area home much easier.
2. Closing Date
Another important consideration is when to close. You may need time to find another place and get moved or you may want to get the house sold quickly. Buyers who are getting financing are at the mercy of the lender and their timeline. It generally takes about 30-45 days to close on a home with a mortgage, but it can take even longer if there are delays. With a cash buyer, you can close in as little as a week if there are no surprises. On the other hand, they may also be more flexible and allow you extra time if they aren’t in a hurry.
3. Inspections and Repairs
With a traditional buyer, you will likely have an inspection on your home. If the inspector uncovers issues, the buyer may require you to fix them to continue with the contract. For sellers who are limited on funds, it may mean they have to cancel the contract. Investors often will skip the inspection or accept the house as-is even if they have one done. They may ask for an inspection just to know what will need to be fixed after the purchase. However, they likely won’t require you to pay for those repairs as part of the deal.
4. The Stress of Selling
Selling a Washington DC area home can be a stressful task. There are often delays and surprises as you move through the process. Sometimes, it can seem like the contract is going to fall apart. If the other party is a first-time buyer, they may panic over these unplanned issues. Working with a professional buyer, someone who has been through the process countless times, can alleviate a lot of the worry. They will handle many of the details and not be concerned when something unexpected comes up.
As you review the offers you receive, look past the price being offered on your home to other details. Make sure the offer you choose is sound in every way and will make the process of selling your home as easy and stress-free as possible. To find out more about how to sell your home quickly, you can contact Same Day DC Home Offers.