Selling your house in Columbus? Getting your home all prepared and finally putting it on the market can be a long process, and then offers start coming in and add to the stress. Fortunately, you are in a good place as we are currently in a seller’s market-meaning there are more buyers than there are properties available. To keep your head on straight and strengthen your sales resolve, take a look at these 4 signs you should say no to an offer when selling your house in Columbus.
The Price Is Wrong
Most sellers are already going to know not to jump on an offer that comes in way below your asking price, but finding the right price is a goldilocks situation – you want the offer price to be just right.
Keep in mind that any offers that come your way happen before an inspection or contingencies can be put into the mix. This means that the buyer’s already low offer could end up netting you even less if you’re required to spend more of your money on their contingencies.
On the opposite end of the offer spectrum, if your buyer is offering way more than the value of the property, an appraisal is very likely to alert the buyer’s lender to the precarious lending situation in which this would leave them. No lender wants to approve a loan that is substantially higher than the value of the property because it could leave them in a terrible position if the new owner defaults. This leads to the lender foreclosing on the property and trying to recover their losses by putting the home back on the market while almost certainly taking a financial hit on the future sale.
House Sale Contingency
In today’s hot seller’s market, most buyers who are represented by an agent understand that their offer cannot include many contingencies if they want to have a chance of acceptance.
Most buyers who are not first-time homebuyers need to sell their current home in order to have the money available for a downpayment. Experienced realtors understand the best way to make this timeline work smoothly is to have a buyer list their home FIRST, go under contract at a specific price, and then start making offers on a new home. Real estate in Columbus moves FAST-with houses selling in days rather than weeks. If you accept an offer with a house sale contingency, this means the buyer has yet to put their home on the market. A more competitive house sale contingency offer will tell you what the buyer is looking to price their current home at and your real estate agent should be able to give you an idea of what their current home is worth to see if their asking price is reasonable. If they want too much for their current home, be wary of accepting their offer because the buyer may have trouble selling their current property and be unable to come up with the money to purchase your home.
At the end of the day, it’s always safer to go with an offer where your buyer already has their current house under contract at a set price.
Once your house is on the market, the last thing you want to deal with is offers from potential buyers who just aren’t quite sure about what they want or if they’re actually interested in your home.
If a buyer is asking a long series of highly-detailed questions, chances are they won’t be satisfied with the results of an imperfect inspection.
Another indicator to keep your eyes out for is a buyer who has done three or more walkthroughs of your home and remains unsure if they want to move forward. At that point it’s likely they aren’t really that interested in purchasing your property, and it would be best to look elsewhere.
They’re Clearly Winging It
Finally, be wary of the buyers who show up to an open house ready to throw an offer your way from the get-go.
If they claim that they just got started looking at homes – or do not have an agent representing them – take everything they say with a grain of salt, and be wary of any offers from them.
It’s also a good idea to make sure anyone who puts an offer in has at least done private viewing of the property to make sure they are truly interested, have gotten sufficient input from their agent, and aren’t just feeling around to see if they can work you over for a quick deal.
Your Partner When Selling Your House in Columbus
If you’re getting the process of selling your house in Columbus started, or you need a little professional boost to make things move faster, contact us today at 614-738-2048!