So you’ve listed your house and shown it a few times, and now the offers are beginning to roll in. But how do you assess offers and determine the best or right one? Price – the amount of an offer – is not the only (or even the primary) factor involved in choosing the right offer. You also have to assess the buyer, as well as certain risk factors. To help you choose wisely, here’s an overview of how to choose the right offer when selling your house in Chicago.
Maximize Your Profit
Almost all home sellers are, naturally, looking to sell at the highest price possible. But the highest offer doesn’t necessarily equate to maximum profit. So maybe you really shouldn’t jump on the first all-cash or the first fairly high offer. There is more to consider when it comes to choosing the right offer.
In order to choose the right offer that maximizes profit, “it’s best to avoid taking offer prices strictly at face value. To find out how much you’ll earn from selling your house, you’ll need to take the prices that the buyers can pay and subtract the cost of taxes, fees, mortgage loan interest, and closing costs you’ll have to pay on their behalf and the cost of additional home improvements.”
It’s also a good idea to consult your Chicago agent for assistance with assessing offers for profit maximization. To discover more about this, just call [phome].
Minimize the Concessions
Further, to choose the right offer when selling your house in Chicago, you need to look at which one minimizes concessions. This will also help maximize profit, and it will simply make everything easier on you as the seller.
An offer that requires less from you in the way of paying closing costs, making repairs, or enduring the delay of various contingencies is likely a better offer. “You don’t want to reduce the proceeds from your home sale by having to fork over a large percentage towards the buyer’s closing costs or spend too much on last-minute renovations requested by the buyer.”
Look for Flexibility in an Offer
Many times, greater flexibility in an offer can make it the right offer. When you get several offers, with all other things being equal, the one that promises, for example, a swift closing may be the right offer. So look for the flexibility that best accommodates your needs as the seller.
Here’s what industry pros have to say that may help you choose the right offer when selling your house in Chicago: “If you can’t decide between different offers, the person who’s willing to close in a few weeks could seem more attractive than someone who wants to wait a couple of months before becoming the new owner of your home. And if a homebuyer says that he or she needs to sell their old house before they can purchase yours, that might be too unpredictable for your needs.”
Keep Your Emotions Out of It
One of the best things you can do to help you choose the right offer is to set your emotions aside. This is purely a business transaction, and it should be kept on an objective, rational footing.
If, say, you’ve lived in a house for years or maybe it belonged to a now-deceased parent, it’s all too easy to let emotions cloud your assessing of offers – which can result in a blow to your profits. Sellers in this situation often get offended at what they perceive as a low-ball because their emotional attachment to the house gives them an inflated idea of its worth.
This is another area where your agent’s assistance can be a huge help. A good agent will always be looking out for your best interests and will help you stay objective about offers.
Start With Your Local Chicago Agent
Though this is the first thing you should do to help you choose the right offer, we put it in the place of prominence at the end because it’s so important.
Before you even list your house, it’s a good idea to draw up a list of your priorities as a seller and then discuss them with your agent. When your Chicago agent knows exactly what’s important to you, she can then better help you assess offers and determine the right one for you. So whether you want an early closing, the highest sale price possible, or no responsibility for closing costs – whatever is most important to you – let your agent know.
After getting all this hammered out with your agent, then is the time to move forward with listing and marketing. A good Chicago agent will do a lot more for you than just listing and showing your house. So, to make sure you choose the right offer when selling your house in Chicago, contact us today at (630) 984-0000.