There are many things to consider when choosing the right purchase offer for your property. The best offer may not always be the highest offer. In our latest post, we will offer tips to help you choose the best offer for your Baltimore house.
Having multiple offers or different options when it comes to selling your home is a dream come true! Every seller would love the problem of trying to decide between multiple offers. However, you’ll want to employ some strategy when deciding which offer to choose. Just because the offer looks good on paper, doesn’t mean it’s the best offer for you. Keep reading to learn more about some things that you will want to consider when deciding which offer to accept for your house in Baltimore.
Tip #1 – Your Profit
When looking at an offer on paper, it’s important to consider all of the costs that you will incur, and deduct them from the offer price. This will give you a better idea of where you stand financially. A few things you might want to think about are your closing costs, which will run about 2-5% here in Maryland. If you are leaving any appliances or furniture behind when you move, these items may need to be replaced, which is an additional cost that you will encounter after the sale. You should also factor in the cost of repairs needed in order to sell the house. You will likely need to make some repairs upfront and a few additional repairs after the inspection has been completed. Keep in mind, if you sell your house directly to Maryland Home Buyers, there are no repair or closing costs to worry about.
Tip #2 – Buyer’s Financing
Some buyers will pay in cash without requiring a loan, while others will need to talk to their banks about financing. Cash buyers are often favored by sellers due to the faster closing speed and less red-tape. The offer is much more likely to go through cleanly as you are not bound by the results of an appraisal. Banks have often pulled funding in the past because houses don’t appraise high enough. If your buyer is using bank financing to acquire the home, make sure they have been pre-approved so you don’t have to wait even longer for that to occur. Please note that being pre-qualified is not the same as being pre-approved. With a direct sale to Maryland Home Buyers, you won’t have to worry about any hassles or waiting. The funds are available to purchase your Baltimore house outright, without any hassles or waiting. Our process is extremely simple and straightforward, with no red-tape to worry about.
Tip #3 – Timeline
How quickly can the closing take place? The faster you eliminate your holding costs, the more cash you will be able to put in your pocket. Ask any investor and they will tell you that once you have decided to sell, the longer you end up holding that house, the more it will cost you. Your costs of ownership add up each month. Utility bills, property taxes, homeowners insurance, standard repairs, and maintenance such as lawn service are just a few of the costs that you will end up paying until the home finally closes. Once you add up all of the costs you will be facing month after month, your total could be in the thousands. By selling your house directly to Maryland Home Buyers, you’ll be able to close quickly and eliminate your holding costs right away.
Tip #4 – What is the Buyer’s Intent?
Do you want to make sure that your home goes to a good family? Many people feel an attachment to their home, and with good reason. It has likely been the place of many special memories. When selling your Baltimore home, when you find that buyer who will love the home as much as you do, you’ll have the peace of mind needed in order to sell confidently. When deciding which offer to accept for your Baltimore house, learn more about the people who want to buy it and why. What are their plans for the home? Are they planning to live there and love it as you did, or do they want to tear the property down for something better? Remember it is never ok to discriminate, however you do have the right to decide which offer is right for you! When selling your Baltimore house, it’s nice to have the peace of mind in knowing that the new owner will love the property as much as you do.
When choosing the best offer for your Baltimore house, it’s important to consider more than just the sales price. The selling timeline, the method of purchase, and the intent of your potential buyer can all have an impact on which offer that you ultimately choose. To learn more about the costs and alternate ways you can sell your house in the Baltimore area, feel free to reach out to us at Maryland Home Buyers any time.