You followed my tried and true Havasu home selling tips. Your curb appeal was on point. All your repairs and little fixes brought buyers to your door. Now, offers have begun to pour in. You might feel compelled to take the highest priced offer you come across. However, that Havasu home offer may not actually be the best one for you. When contemplating an offer, you shouldn’t base your decision solely on the price.
Havasu Home Offer
Contingencies
Just about every home sale includes contingencies of some sort. Typical ones include a home sale contingency, appraisal contingency, loan contingency, inspection contingency, and title contingency. The fewer contingencies required, the smoother the road to closing. Financing might be one of the most concerning contingencies to consider. A lower priced offer from someone who already has their loan in place might be more attractive than a higher priced offer from a buyer without their financing in order. Likewise, if all other factors are the same, an offer from a buyer without a home they need to sell might be more appealing than having to wait for a buyer to sell their current property before they purchase yours.
All-Cash
With a super hot secondary market like ours, a buyer may put in an all-cash Havasu home offer. This means you don’t have to wait for them to sell a current home, get an appraisal or receive approval for a loan. They might still request an inspection first as well as a clear title. But this significantly reduces the amount of time to close as well as the possibilities for the deal to fall through.
Closing Date
Need to be out of your current home soon? Then, you should consider a Havasu home offer with a quick close. Want more time to find another home to move in to? Look for a longer close. A typical escrow takes anywhere between 30 and 60 days to complete on average. But every transaction is different.
Money Matters
Other things to consider when it comes to a Havasu home offer is how much of a down payment they might have or how much they used as their earnest money deposit. The higher the amount of either one, the more serious they might be about their offer. If the buyer decides that they don’t want to buy the house without a good reason to do so, the seller (you) keeps the earnest money deposit. So, if they provide a higher earnest money deposit, they probably really want to make this deal happen. And, if they can afford to put a higher amount of money down, that may indicate that they are more financially stable. Therefore, the chance of them being approved for a mortgage loan is higher.
Keep these things in mind when considering your Havasu home offer. How many offers are there? What is most important: price, timeline, or strength of offer? You should base your decision on whichever one of those ranks highest for you. Feel free to discuss the pros and cons of any offer you receive with your Lake Havasu REALTOR®.
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