Looking to sell your home in this intense real estate market?
If you are, it’s possible you will receive multiple offers on your home depending on its condition, location and price. Reviewing multiple offers to make sure you pick the best one is much more than just looking at the offer price.
Here is a list of 25 potential questions you will need to be able to answer when reviewing offers and working through the transaction:
1) How much is the earnest money?
2) When does the earnest money become non-refundable for the buyer?
3) When will the transaction close?
4) Was the contract properly filled out and legally binding?
5) Are the correct signatures on the contract?
6) What is the offer price? What are the net proceeds to the seller?
7) Does the buyer have the right to do a home inspection?
8)What is the buyer’s inspection deadline, if any?
9) Is there an appraisal contingency, if so, what is the deadline?
10) Is there a financing contingency, if so, what is the deadline?
11) Does the buyer have to first sell their home in order to qualify to purchase the new home? If so, by what deadline?
12) Who is paying the closing costs? Are they being split?
13) After the transaction closes, when is the seller required to deliver possession of the home?
14) When is the seller disclosure deadline? Is there enough time to provide all the necessary legal disclosures?
15) Who pays for the HOA transfer fee?
16) What items are included with the sale? Can I remove my Ring doorbell and Nest thermostat?
17) Are any items of personal property excluded from the sale?
18) What type of title insurance policy am I required to provide the buyer?
19) Do I have to provide and pay for a home warranty plan?
20) Is there any additional earnest money that buyer will deliver during the escrow stage of the transaction that could become non-refundable making the offer stronger?
21) Will the buyer allow me to rent back if needed?
22) What is the deadline to accept the offer?
23) Does the buyer’s agent have enough expertise and experience to get the job done?
24) Where is the earnest money going to be held until closing?
25) If the appraisal comes in low, what happens?
If any of this doesn’t make sense, consult your experienced Realtor® to help you make the right choice.
Courtesy, Curtis Bullock CEO of the Salt Lake Board of Realtors