You’ve made the necessary improvements to your Chicago home, had every room professionally staged, your real estate agent has expertly priced your property and you’ve hosted a number of showings for several potential buyers. Now it’s time to start fielding bids. Sounds straight forward enough, right?
While homeowners always hope for a bid that’s close to their original asking price, should dollar amount necessarily be the determining factor in accepting an offer? Though every situation is unique, it may surprise you to learn that homeowners don’t always pursue the highest bid.
Actually, there are several factors – not contingent on price – that will contribute to a homeowner accepting a particular bid.
One such factor is whether the potential buyer is currently renting or owns another home. Renters are great buyer candidates because their purchase isn’t contingent on selling their home. With interest rates at a record low, the Chicago real estate market is flooded with potential buyers, but those without long-term commitments are most likely to close a sale quickly.
Another consideration is whether a homeowner can convince a buyer to close the deal on their timetable. Convincing a buyer to work within the seller’s timeframe shows how serious the buyer is about getting the deal done. The homeowner can have peace of mind that the deal won’t fall through last minute.
A final question to ask is this: “How much cash does the buyer have immediately available for the sale?” With more cash on-hand, the buyer is relying less on financing. This is important because it’s possible that the home can still be appraised for more than is listed on the contract.
In some cases, serious buyers will submit a personal note about themselves with the offer. Sharing personal anecdotes with the seller is a positive way to communicate their desire to purchase the property. This added effort can go a long way in helping a seller make a decision.
Generally speaking, a good offer will have these traits: an offer price no more than 10% below asking price, an attorney-reviewed contingency, a financing contingency and a home inspection contingency. It’s also nice if the deal includes flexible closing terms and excludes bizarre or unusual requests from the buyer.
Chicago homes are moving quickly – when it’s time to sell yours, make sure you seek out the best and most reliable offers.