What Should Luxury Homeowners Know about Evaluting Offers?

When you make the decision to sell your home, it can be both scary and exciting. The process of selling a home is complex, and can bring on a lot of worry and anxiety. This is a big financial decision, and you want to ensure everything is correct before proceeding. That’s why it's important that you understand each step, and have someone you trust to ask advice.

Before entertaining offers, you will want to understand the different types of offers that could be presented to you. You will also want to know how to correctly reply to them. This will help you discuss selling price and terms when a buyer becomes interested in your home.

Conditional Offers

This type of offer has stipulations that must be honoured before the sale of the home can be completed. These could be things such as home inspections, repairs and possibly a pending agreement until the buyers home sells.

You will want to closely look at any seller stipulations that are included in the contract. Also, make yourself aware of any loopholes that allows the buyer to renege on the sell. Financing is also another thing to watch out for. If there is any mention of financing in the contract, ensure that the buyer has the means to follow through. This can be done by viewing a letter written by the lender that states if the buyer has the means to honour monthly payments on the home.

Firm Offers

This offer is known as “subject free”. It basically states that the buyer is ready and legally responsible for buying your home. There are no underlying requirements to be met. This offer only has to be signed and given back before the stated expiration date. This type of offer will prove that the buyer is committed to purchasing your home.

Once an offer has been given you can accept, counter offer or reject it.