As a seller, what should you consider when you receive an offer?  While your Realtor can advise you, the final decision of which offer to accept will be up to you.  So, how do you know whether to accept an offer?  Here are some items to consider:

1. Is the buyer pre-qualified/approved?  Be sure that your Realtor obtains a letter of pre-approval or pre-qualification from the selling agent.  You will want to know that the buyer (s) ability to pay the mortgage has been evaluated by a lender. 

2. What is the offering price?  Is the offer appropriate based on comparable sales in the area?  What is the likelihood that your home will appraise for the price?  What will you net from the sale?   Will you be able to pay off your mortgage?  If the offer is low, remember you can always counter.  All offers deserve consideration.  

3.  What are costs of the sale?   Look carefully at what you are being asked to pay to close the transaction.  Some costs are traditionally established by the county in which you live.  You may be asked to pay for county transfer taxes, inspections or other reports.   In this current climate you could be asked to pay closing costs for the buyer.  Review the offer carefully to determine what is appropriate based on your needs.

4.  What is the escrow time frame?   The time frame may be short or it may be long.  The shorter the time frame, the less you will have to pay on your home.  However, you may need time to plan and prepare for your move.  Consider your needs and those of the buyer and try and work out a solution that works for both sides.

In general, is the offer reasonable?  Are you likely to get another offer?  How long has your home been on the market?  Have you had many showings?  All of these are factors to consider when contemplating which offer to accept.  For more information, e mail carlaharden@aol.com