Should I Accept the First Offer On My House?
Whether you do a traditional sale, For Sale by Owner, or a cash home sale, you may receive multiple offers from different buyers. Which offers is the best? Ideally, it’s the one you’re looking for.
However, you may need an offer that allows you to sell your house fast in Cleveland, Ohio. Below we look at when and how to accept an offer on your Ohio house.
Reasons Why You Should Accept the First Offer on Your House
Sometimes it works out to negotiate or wait for another offer, but an old real estate adage states that the first offer is the best. Even if the offer is not ideal, there are situations in which it can be your best option.
- It’s a cash home offer.
- You’re trying to relocate quickly without taking on a second mortgage.
- You have an old or damaged house that has been on the market too long.
- The real estate market is not favorable.
- You got stuck with an inherited property you don’t want.
- Price is not the most important consideration.
- The buyer is ready to commit and has the funds to back it up.
What to Consider When Accepting the Offer
Before you say yes to your first offer, take some time to consider a few things.
Price
The closer the offer is to your listing price, the better. As a rule, if the first offer is within 10% of your listing price, it’s worth serious consideration. However, even something lower than 10 percent can still be done if you don’t have to pay selling expenses, such as in a cash sale.
Cash vs. Financing
Cash offers result in a faster sale than mortgage-backed offers; if speed is an important aspect of the sale, this could make a significant difference. Even if a buyer has been pre-approved by a lender, the loan could still be denied or delayed. A cash offer is more stable and can lead to a faster close time.
Contingencies
In a traditional home sale, the buyer may require that you meet the conditions of the sale before they agree to it. In a cash sale, there are rarely contingencies since the buyer pays cash for your house as-is. Any contingencies may include you paying for some of the closing costs.
Flexibility
If you need to postpone closing for whatever reason, the buyer needs to be flexible if they want you to accept the offer. It depends on the buyer’s circumstances and whether they are trying to get a loan or can pay cash.
Does the Offer Help Me Meet My Goals?
One of the things you should consider when deciding if you should accept an offer is whether the offer helps you meet your goals.
Professional Goals
If you need to sell your house fast for job relocation, you may not have the time for a buyer’s loan application to go through. A cash sale can help you close the sale faster, giving you the freedom to start your new job in a different location.
Financial Hardship
If you are selling your house to avoid bankruptcy or foreclosure, a traditional home sale may not work for you. Therefore, you may not have the flexibility to look at multiple offers. A cash offer can help you deal with financial hardship faster and either pay your debts or get out of your mortgage.
Life Changes
You may be thinking about selling your house to downsize or selling a rental house to retire from being a landlord. If so, accepting the first cash offer for your house can help you quickly transition without incurring a bunch of selling expenses.
Sell Your House Fast in Cleveland, Ohio
If you need to sell your house fast and want a quick cash offer, contact HouseSmart. We buy houses as-is in Cleveland, Ohio. We can assess your house, make a cash offer, and close the deal in as little as seven days. Call 440-490-4600 to get a fast cash offer.