Congratulations! You’ve taken the plunge and listed your house on the market. You hope that the offers will start pouring in. With any luck, you’ll get a fair offer, have a clean inspection, and make it through the closing day without any roadblocks. Preparing is the best way to ensure your sale goes smoothly. Make sure you know what to expect before, during, and after accepting an offer on your house. 

Before You Accept an Offer

You’ve listed your home and maybe even hosted an open house. Your real estate agent called to let you know you got an offer! But how do you know if you should accept an offer, negotiate, or turn it down? Here are some factors to consider: 

Factor Selling Costs into Your Price

When you and your agent listed your home for sale, they recommended a price that reflected the value of your home and current market trends. When a potential buyer makes an offer, however, they may offer more or less than the asking price. They may also ask for certain buyer concessions, such as paying closing costs or inspection fees. 

These factors can affect the total amount of your profit after you pay off the mortgage. So it’s essential to make sure you understand these final numbers. Some typical costs include:

• Real estate agent commissions 
• Closing costs, if not paid by the buyer
• Attorney fees
• Outstanding utility bills
• Staging costs
• Taxes

Your agent or loan officer can help you break down these numbers so you know exactly what you’re paying – and how much you’ll have left over!

Accepting an Offer

Now that you’ve considered your offers, you can choose the best fit. Consider these factors when making your decision: 

Accept, Reject, or Counter?

Now that you have an offer, you can choose whether to accept it. You have three choices: accept the offer, reject it, or counter. As the seller, you are not obligated to accept any particular offer. However, aside from the price, you may want to consider the following factors: 

• The real estate market. If you’re in a buyer’s market, you may receive fewer offers and will have to make more concessions. If you’re in a seller’s market, you may want to wait for a better offer if you’re unhappy with your current options. (Note: The current market is a little tricky, so ensure you’re working with an agent who understands home sales in the Tampa Bay market.) 
• Your preferred timeline. Suppose your current offers aren’t as high as you would like. However, you may want to accept one anyway, especially if you’ve already moved into your new home and don’t want to pay two mortgages. Similarly, if buying your new home is contingent on the sale of your old home, you may want to sell sooner rather than later.
• Buyer financing. Consider more than the total sale price when comparing more than one offer. Your buyer may decide to pay with cash, a conventional loan, or a government loan (such as FHA). These options have pros and cons, so ask your real estate professional if they foresee any stumbling blocks with your buyer’s financing plan. 

Have a Backup Plan

Did you receive more than one offer? That’s great! There are many reasons a sale can fall through, so having more than one option is advantageous. Once you’ve chosen the best offer, you can also designate a backup offer. In this situation, the other buyer understands and agrees that you will only accept their offer if the original transaction fails. 

After You Accept an Offer

You’ve decided to accept an offer! Now what? For the most part, you can sit back and (try to) relax. Here is what happens next: 

Earnest Money

The buyer will place earnest money in escrow. This money will be held while the home is inspected and may be refunded if the sale does not go through. If the buyer proceeds with the sale, this money will go toward the purchase of the house. 

Home Inspection and Appraisal

The buyer schedules a home inspection, and the lender schedules an appraisal. The purpose of the inspection is to certify that the home is in good condition and that the buyer is aware of any necessary repairs. And an appraisal ensures that the house is worth the sale price. If discrepancies are found in the inspection or the appraisal, the buyer and seller may need to negotiate their sale price. The buyer may also back out of the sale within a limited period of time. 

Final Walkthrough and Closing

Once the inspection and appraisal are done, and the loan is approved, you can prepare to close on your house and hand over the keys. 

• Final walkthrough. You’ll want to clean your home and remove everything that’s not part of the sale. Your buyer will go through the house one last time for assurance that everything is in working condition and there are no surprises. 
• Closing. Congratulations! You’re all done! At this time, you and your buyer will pay any final closing costs. Your agent will walk you through the final paperwork, and your sale will be final. 

Are you ready to list your home?

If any of this sounds intimidating, don’t worry! At Elena VIP Homes, we’ll walk you through every step of the process with full VIP treatment. We keep you informed every step of the way and be there to clink glasses when you close your transaction. If you’re in the Tampa Bay area and are ready to list your house and maximize your profits, contact us today.