Should I Accept this Offer?

Being a seller in today's market surely has its challenges. When do you know if you should accept or pass on an offer? Is the current offer a low ball offer or simply hesitating over attachment to the home. This is most crucial question to ask yourself.

It's time to emotionally detach yourself from all the hard work you've put into your home. You know down to the penny what you've invested in your home, but in today's market housing prices have dipped and it's now time to look at your house in a financial perspective.

Ask yourself how long your home has been on the market. If your home is new to the market and have already had multiple requests for showings, accepting the first offer can be risky. The first offer might be lower than what you were hoping for, but you may not have another offer for quite awhile.

Are the terms agreeable? Some offers can will be sticklers with moving-out dates, closing cost consessions, but may be giving you the price you've asked for. You will need to have a home for yourself lined up incase the buyer wants you out in two weeks. Be sure to ask your agent about all the factors included in the sale.

Another question to ask yourself is if you will lose money on the sale. In the past six years most homes have lost value, plain and simple. So can you afford to sell at the offered price, or will this loss cause you to be too far in debt on your next mortgage?

Are you in risk of going into forclosure? If you are in risk of not making your mortgage payments and hurting your credit for the next seven years then you should probably sell on the lower offers. Buyers are few and far between in today's markets.

Your agent has some expertise. They can tell you the market activity of your area is like, how long homes usually sit on the market, etc. If you have an offer that you think is too low, ask your agent if they think you'll receive another offer in a short period of time.

Today all buyers are looking for a deal. They are aware of the fact that home prices are on the decline and that inventory outweighs demand. With this arsenal they wound your asking price with their offer price. Don't be afraid to fire back a counter offer, because if they're truly serious about your home they'll play the game. 

In the end, as the seller it is your decision on what deals to accept and reject. If you are considering listing your home soon or if it's already on the market it would be wise to decide your bottom line now. What is the minimum selling price you can afford? Decide what prices you will and won't sell your home for, then when offers come in you'll be ready to start making deals.

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