Reviewing an offer means more than looking at the price:

Those who have sold a home before understand that there is a lot more to an offer than just the price. It is important when you receive an offer on your home, that you carefully review it with your REALTOR® and take the time to look at all terms and conditions. Depending on your motivation for selling, certain factors can play a large role in how you respond to the offer. See below for some important factors to consider when you receive an offer to purchase your home.

Closing & Possession Dates:

This can be a huge factor in deciding how to respond to an offer. Depending on your circumstances, a quick possession date can be a persuasive influence on the attractiveness of the offer. If you have already bought another home, then a quick possession date may be very attractive to you, (eliminating the worry of carrying two mortgages). On the other hand, if you have not already considered where you are going to move, then a quick possession date can cause worry or stress for you. (Will you have to store your belongings until you find a suitable place?)

Fixtures & Chattels:

Buyers may ask for certain items that are in your home to be included in the sale. Depending on your attachment to these items, this could be a factor to be negotiated. It is a good idea to remove any items that you do not wish to go with the sale of the home before your place your home on the market. Be sure to review this part of the contract carefully with your REALTOR®.

Financing:

A buyer should be pre-approved for a mortgage before they make an offer on your home. However, be sure to read over the financing subject carefully. You want to know and be assured that you are dealing with a serious buyer. A cash offer is very attractive to sellers. Have your REALTOR® review this subject with you carefully.

Conditions:

Generally speaking, the fewer terms and conditions attached to such subjects as financing, inspections etc…, the more attractive the offer. This leaves less room for the buyer to potentially get out of the deal.

In conclusion, it is important to remember that there is more to an offer than just the price. Always remain calm when you receive an offer. Be sure to have your REALTOR® carefully review the entire offer and each condition with you before you jump to any conclusions. Depending on your circumstances, motivations and the current market climate, other factors could potentially ‘trump’ the importance of price.

For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at maryobrienc21@cogeco.ca  

Mary O'Brien

Mary O'Brien

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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