The real estate seller’s market is a fickle thing. Most often, it can be a bit of a drag – waiting for months to find a buyer who is willing to meet a somewhat reasonable price, and who can be depended on to follow through. But every once in a while, you can get lucky with a golden offer.
Offering Well Above Market Price
The chances of getting an offer that is generously above market price are, frankly, low. Buyers need to have an incentive to place an offer so strangely high. Honestly, the only two situations where this will happen are either the buyer is eccentrically rich and is not careful with money, or they want your property badly enough that they are willing to ensure that they get it. Or maybe both are the case! Regardless, you should take the offer. Opportunities like these don’t come along very often, and the offer may be rescinded if you wait too long.
Buying for Cash
Cash can prove advantageous for a number of reasons. For one, you don’t have to jump through the same bureaucratic hoops as you would have to by going through banks and whatnot. Inevitably, that path is lined with extra little fines and paperwork. Selling to a cash buyer means you don’t pay commissions or extra fees. It also is usually a lot quicker – there’s just one transaction, and then that’s the end of it. It’s generally less of a rigid legal transaction, it’s a lot faster, and you don’t have to go about fixing up, repairing, or renovating the house like you normally would.
Relatively Good Offers
Unfortunately, the previous two situations are a bit rarer than what normally happens. Of course, you should adjust your decision according to your given economic situation and the state of the market at large. Sometimes, even if an offer isn’t perfect, it’s in your best interest to take what you can get. This is especially important when the local economy isn’t doing so great, and the sellers’ market is a rough place. You may feel you’re not quite getting what your house is worth, but that might be better than getting nothing for months and months on end.
‘Always’ is a big word. You should be careful, and not be afraid to change your expectations depending on the market in a given circumstance. But generally, if you get a relatively good offer, an offer well above market price, or a buyer who pays in cash, you should almost always take that prospect before you’re forced to take something worse.
Check out this article on common questions first-time home sellers have!