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Jennifer Zuccaro
REALTOR®
(516) 417-0829
Licensed Salesperson
There's No Place Like Home Home

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Area Information | 38 Posts
Buying | 8 Posts
Homeowners | 21 Posts
January
9

The right offer is more complex than the highest offer. Here's what you need to know when selling your home.

It's exciting to receive an offer on your home but deciding whether or not an offer is worth accepting isn't always easy. While offer price is an important factor, there are actually several things sellers should consider when evaluating the strength of an offer. Real estate transactions can be tricky, and many times it's in the seller's best interest to accept offers that are most likely to make it to the finish line. However, every seller's situation is different, so be sure to think about what is most important to you and discuss it with your real estate agent.

When clients want to immediately accept the highest bid, our real estate agents always encourage them to consider these factors:

  • The Closing Date
    When submitting an offer, buyers will propose a potential closing date. Some buyers are in a hurry to close, while others may need to sell their homes first. As a seller, it's important to choose an offer with a closing timeline that works for you. If you receive multiple offers with similar prices, but one is more in line with your closing timeline, it may be the winner.

  • Earnest Deposit
    Earnest money is an initial deposit made by the buyer as an act of good faith. If a buyer backs out of the deal for any reason other than what's covered in the contract, then you may be entitled to keep the earnest deposit. A typical earnest deposit is usually 1% to 3% of the offer price, and serious buyers may even go higher — especially when bidding on some of these amazing Nassau County homes for sale. Choosing an offer with a higher earnest deposit could help reduce the risk of the deal falling through.

  • Financing
    The type and quality of a buyer's financing is an important part of the picture too. The last thing you want is for the buyer's financing to fall through days before closing. This scenario is less likely to occur with a buyer who puts down 20% on a conventional loan with a reputable lender.

  • Contingencies
    Offers often come with a series of contingencies. If contingencies are not satisfied, buyers have the opportunity to back out of the deal without losing their earnest money. Common contingencies include a home inspection, pest inspection, and appraisal contingency. However, buyers can also request additional inspections or even ask you to leave certain appliances. An offer with fewer contingencies is going to be more appealing.

  • Seller Assist
    It's fairly common for first-time buyers to ask sellers to cover some or all of the closing costs. Closing costs are fees associated with the real estate transaction, and they can range from 3% to 7% of the sale price. A high offer price might not be as attractive if the seller is asking you to come to the table with cash upfront.

Real estate offers can be complex, so we always recommend carefully reviewing every offer with your real estate agent. Contact us for more tips on how to sell your home today.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 02/07/2023. The listing information on this page last changed on 02/07/2023. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of OneKey MLS (last updated Tue 02/07/2023 7:46:21 AM EST). Real estate listings held by brokerage firms other than Coldwell Banker American Homes may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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