How Do I Evaluate An Offer?
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Well, as this story shows, there’s more to an offer than the price tag. Factors you should consider:
- Is this offer at, near or above my asking price?
- Are there clauses and additions in their offer that change the terms and final price substantially?
- How long since I had another offer, or expect another offer? Can I wait?
Remember every month you’re probably still paying mortgage, taxes and insurance. If you have several offers… remember that an offer isn’t a completed sale.
Compare the risk and likelihood of a completed sale for each buyer including things like “contingencies”, where your sale depends on their sale. and whether they’re pre-approved for the offer they’re making.
Remember you have three options for an offer – accept it reject it or prepare a counter-offer that improves the terms for you in some way.
