Mistakes to avoid when Selling Your Home In Southlake in the multiple offers situation
Accepting a sight unseen offer
Some desperate home buyers in Southlake's competitive market where homes sell within first 24-48 hours try to put a home under contract without even physically touring the home to "lock" the home for sale in Southlake so that they can visit the home during the option period and make a decision. And they try to do it for multiple homes in parallel. So accepting an offer from a home buyer in Southlake who has not toured the property yet is fraught with the risk of buyer backing out during the option period in Texas. Remember that the home buyers in Southlake do not need any reason to terminate the contract during the "option period" in Texas!
Focusing on only the price
Do not focus on just the purchase price offered by the buyer. If your Southlake listing agent does not perform the due diligence regarding the financial ability of the buyer and you do not consider other variables in the offer submitted by the buyer, you may be leaving money on the table or in the worst case, taking your home off the market for a number of weeks before the buyer terminates the contract because of inability to get approved for a loan. A serious home buyer in Southlake should be offering a substantial amount of option fee in this market. Here are some other factors to consider when evaluating an offer.
Falling for the bully offer
Some home buyers in Southlake try to submit an extravagant offer, put a deadline on the offer and then try to renegotiate during the option period or during the appraisal period. These offers known as bully offers normally expire within a limited number of hours and can often be substantially above asking price. Avoid this trap and consider all the offers before you take a decision and, as mentioned in the previous section, consider all the other factors in the offers submitted outside of the purchase price.
Giving free outs to the buyer in Southlake
Home sellers in Southlake and, sometimes, listing agents do not realize that the buyer in a real estate contract in state of Texas has a few free "outs" using which the buyer can terminate the contract even after the option period. These are related to HOA document delivery, seller's disclosure etc. Failing to plan for these before getting under contract just allows the buyer to back out of the contract when you least expect it!
Skipping due diligence on the buyer finances
Performing the appropriate due diligence regarding the financial ability of the buyer in Southlake is one of the most critical jobs of a listing agent. The real estate purchase/sale contract in Texas is a one way street for the seller where seller is bound to the contract once the contract is executed whereas the buyer has a number of outs built into the contract. Financial contingency is one of the important contingencies built into the contract in Texas to protect the buyers. Make sure that your agent thoroughly vets the buyer before you sign on the dotted line. This is even more critical today where buyers are waiting the appraisals. You want to make sure that the buyer has enough cash to bring to the table in case the appraisal is short.
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Make Sure That The Buyer For Your Southlake Home For Sale Is Financially Strong
Upfront due diligence to make sure that the buyer can close after the contract is signed is very important when selling your home in Southlake, TX. Any good Southlake Listing Agent will remind you that the contract for sale of a property in Texas favors the buyer heavily and the seller cannot terminate the contract unilaterally once the contract is executed. This means that as a seller trying to sell your Southlake home, you are stuck in the contract for the duration of the loan approval period agreed with the buyer even though the buyer can terminate the contract during this period if the financing falls through. Pre-approved buyers should include a letter from a reputable local lender with the initial offer; this shows the amount that the bank is lending to the buyer. An all-cash buyer is ideal, as well, but it is important to make sure the buyer has the funds available to purchase your Southlake home for sale. With cash offers, consider requiring recent bank statements or an official statement from the bank.
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About Nitin Gupta, REALTOR - Top Southlake Listing Agent
As a Real Estate Professional in Southlake, Texas, Nitin understands the challenges that arise from selling a home in Southlake. Nitin Gupta, a leader within the Dallas-Fort Worth area real estate community, has been assisting clients with their home purchasing and selling needs and is a top producer in the DFW area. Having been named among the top 3% of agents in the country with his CRS (Certified Residential Specialist) designation, Nitin has used his intimate knowledge of Dallas, Frisco, Prosper, Celina, Fort Worth, Plano, Coppell, Irving, Southlake, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club neighborhoods to offer an exceptional level of personal service to both buyers and sellers.
Nitin has earned a number of real estate certifications and designations in an effort to learn and provide excellent customer service to his clients. As a CRS, SRS & GRI, Nitin can offer his clients experience as a top Southlake Listing Agent and top Southlake REALTOR®, world-class customer service, in-depth, up-to-the-minute and comprehensive market knowledge; honesty, integrity, dedication, and professionalism in the real estate business.
Due to his extensive experience and negotiation skills, as your Southlake Listing Agent, Nitin will ensure that you will sell your home quickly. If you are looking for an experienced, professional and responsive real estate agent to sell your Southlake home, contact Nitin today at 469-269-6541
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