The current real estate market in Essex County New Jersey is a busy one even in the holiday season! One of the side effects of eager buyers abounding is that many a home seller is finding themselves facing multiple offers to purchase their real estate property. This is an envious position to be in and you would think it is one with an easy solution. Take the highest offer, right?
Not so fast. While certainly everyone wants and most likely needs the highest price possible when selling a house, other considerations may dictate you pause and allow time to think about the whole picture other than just the financial piece.
There are actually three other main terms in the contract that deserve your attention. The three we highlight are:
• Earnest Money; the amount and the method of payment can speak volumes about the intentions and ability of the Buyer. If they pay the full amount you have requested, if they provide more than requested or if they offer less than requested; each of these actions reveal things about the buyer. For instance, if they offer a Promissory Note rather than writing a check this could mean they are overly cautious or they don’t yet have the means to pay the Earnest Money. The answers to this and other questions you should be asking are what you need to know in order to assess the risks and benefits of each scenario presented in the contracts offered. Each action says something about the buyer’s ability and intentions; interpreting those actions will be helpful in guiding your choices.
• Loan Conditions; another very important and very revealing aspect of any offer to purchase real estate are the financing conditions. Is a substantial down payment being made? Are the buyers trying to finance the entire purchase price? Has application been completed or is their ability to secure a loan still up in the air? Is the lender local or out of state? How might each of these circumstances affect the closing of your transaction? Answers to these questions will strengthen your ability for making your best decision.
• Dates and Deadlines; Beyond the closing date, how do the other deadlines fit into your scheduling needs? Do the chosen timelines work in your favor? Are the dates requested for supplying needed information and/or paperwork realistic? Have you been given enough time to schedule your move?
Remember that all offers received are subject to negotiation. That includes deadlines and terms, not just price. While an offer may be at exactly the price you were looking for, unless you are prepared to move out by the closing date, a counter offer may still need to be made to take that offer from very good to perfect to fit your needs to a T. Working with your local marketing specialist you’ll obtain the information needed to think through every element contained in each offer to conclude which best suits your desired outcome.
To search all new and available listings for sale, or find out the value of your current home, visit https://www.njrealestatehomesearch.com/