Real estate offers are pretty much the same everywhere. They are not too terribly difficult to decode. They state an offer price, they state the amount of money that will be considered the earnest money deposit, they list the amount that will be financed and finally they detail which parties will pay for all kinds of things, like inspections, appraisals and of course closing costs. This article will show you How to Review Sellers Offers in Sacramento. It really isn’t that complicated, but you need to know that 98% of all offers are going to have financing involved, want inspections , appraisals and of course, once the inspections and appraisals are completed certain repairs completed or concessions made. Know this, today’s buyer may not be that sophisticated, but the want “Move in Ready”!
So if you make the decision to “sell my house in Sacramento” and are expecting a top of market all cash offer because it is a sellers market, then you better make sure that your house is up to the task. I see it all of the time, sellers see that their neighborhood houses are selling. They appear to be breaking new price records and so they assume that their house will attract those offers as well. As a seller, you might want to check your enthusiasm at the door and understand a few more things before you just jump in with both feet.
First, not all offers are the created equal and if you are thinking that you are going to get a top of market all cash offer with a closing in less than 30 days with no inspections, appraisals and or request for repairs, then you should know that your house represents less than less than one half of one percent of the market. Simply put, statistically it is not going to happen.
If however, you believe that you are going to get an offer for the top of market price and know that you will have to;
- Move out of your house
- Hire an architect or other person to draft plans
- spend thousands of dollars on fixing and updating your house
- Living rooms and Family Rooms
- Replace concrete
- Hire a contractor to do the work
- Manage the entire process
- Hire the best Staging Company
- Hire the best real estate agent in your area
- Pray for the market to hold
- Pray for an all clear on inspections
- Pray that the Financing is Conventional and Approved
- Disclose all improvements and Repairs
- Perform any repairs
- Pray that the Market does not shift
- Pray that Interest rates hold of fall
Here is the thing. Seller’s markets come and go and if you’re selling your house in Sacramento then you might get one great offer or you might get multiple offers. Here’s how to review seller’s market offers in Sacramento.
A seller’s market is when there are more buyers than properties available on the market. In Sacramento county, it is and has been a sellers market for the past 6 years. For sellers, it’s an exciting time to sell because you may be able to get a higher asking price than you would otherwise see. You might even get multiple offers on your house at once.
If you’re selling your house and you received multiple offers, you might be asking yourself, “now what do I do?” Although multiple offers might be exciting to receive, it can also be overwhelming. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How to Review Sellers Offers in Sacramento
First, sort the offers into those who are ready to buy and those who are buying with exceptions or contingent on something else happening. Some buyers may actually want you to wait for them to sell their house first. It’s a bit old school and not real common in a sellers market. Most people put offers on houses contingent on them getting approved for a mortgage. That is a fact of life.
You don’t have discard the contingent group but it’s often easier and faster to work with someone who doesn’t buy based on a contingency.
Second, sort the remaining ones based on which is more important to you – either the speed of the sale or the price. (For some sellers, a faster sale is more important than a higher price). Of course both are important but usually one will be more important than the other.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price.
Third, if you have several that match your preference above (such as: if you want to move by the end of the month and you have several offers that work within that timeline) then sort by the ones that don’t add any conditions. The more conditions a buyer adds, the more work it may be for you.
By the end, you’ll have a pile of offers – at the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who aren’t ready to buy because they have contingencies.
Once you’ve sorted your offers this way, start working through them from the top, making counter offers from a position of strength!
If this is overwhelming or if you don’t have as many offers as you’d like, or if you don’t have the offers that you want, there is another way to sell: you can sell directly to us at Westbrook REI.