Choosing the best Offer When Selling Your Home In McKinney
Winning In A Multiple Offer Situation in McKinney
If you are getting ready to sell your home in McKinney, you may already know that the McKinney real estate market is red hot right now. The inventory of homes for sale in McKinney is very low which is resulting in multiple offers when you list your McKinney home for sale with the help of a top McKinney Listing Agent. Here are a few things that you should keep in mind when choosing the best offer for your McKinney home for sale.
Rely On The Knowledge & Experience Of Your Top v REALTOR® & Top v Listing Agent
Hopefully, you have picked a top McKinney listing agent to help you with your McKinney home sale. Although your McKinney listing agent will help you navigate a multiple offer situation, you should still have a general understanding of how the process works. In multiple offer situations, your listing agent will help you analyze multiple offers and will help you in picking the best offer submitted. When it comes time to negotiate an individual offer, you essentially have three options: accept, reject, or make a counter offer.
Know Your Bottomline And Priorities in Advance
Before you ever receive the first offer when selling your McKinney home, make sure that you have thought about what is the most important thing for you in an offer - price, closing date, ability to close on time or ability to lease the property after closing. Ensure that you know what is most important to you when selling your home in McKinney. If the sales price is the most important factor, then being flexible on the closing dates, option period, ability to accommodate the buyer on multiple other things will help you maximize the sales price. Your top McKinney Listing Agent can help you with this process.
Keep All Factors In Mind When Selling Your McKinney Home
Although sales price is the number one factor most sellers focus on when you list your McKinney home for sale, remember that there are numerous other things to keep in mind when selling your McKinney home, such as earnest money amount, closing costs, option periods, financing terms and items included in the sale. In the end, choosing the offer that has fewer contingencies like sale of other property by the buyer and stronger financing (a buyer willing to put down 25% down on the purchase vs. a buyer willing to put down only 5% on the purchase) may be worth a lower sales price if the transaction closes on time and with minimal issues. Here is a list of other important factors to look at when trying to pick the best offer when you are selling your McKinney home.
Make Sure That The Buyer For Your McKinney 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 McKinney, TX. Any good McKinney 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 McKinney 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 McKinney home for sale. With cash offers, consider requiring recent bank statements or an official statement from the bank.
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Require Significant Amount of Earnest Money
Earnest money is, essentially, a good-faith deposit on your home to show the buyer is serious about going through with the deal. If the buyer is putting down a small amount of earnest money in the escrow account, the buyer may decide to walk away from the deal and forgo the earnest money in case the home does not appraise for the contract price or if the buyer defaults for any other reason. It is easy to walk away from 1% earnest money for a $500,000 home compared to 3% earnest money for the same home. Although the seller can keep the earnest money, it does mean that the seller has to now find a new buyer!
Getting an offer when selling your McKinney home is only the first step, but if you keep all these factors in mind the process of selling your McKinney home should be smooth and financially rewarding.
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About Nitin Gupta, REALTOR - Top McKinney Listing Agent
As a Real Estate Professional in McKinney, Texas, Nitin understands the challenges that arise from selling a home in McKinney. 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 (McKinney 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 McKinney Listing Agent and top McKinney 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 McKinney 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 McKinney home, contact Nitin today at 469-269-6541
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