Selling your home is a huge decision. It’s a decision with much emotion and, often, a touch of anxiety. After all, your home is assumably your most valuable asset. It’s every seller’s dream to receive multiple offers on their home. But what if you only receive one? Is it worth holding out for a higher bid? The answer is…it depends. Sometimes, the first offer is the best, and you would be wise to accept it. Here are five scenarios in which you should accept the first offer on your home.
1. When You Need to Sell Fast
If you’re in a situation where you need to sell quickly, it might not be worth negotiating for a higher price. Especially if the offers you’re getting are all in the same ballpark. In that case, taking the first offer might be your best bet. Otherwise, you run the risk of your home sitting on the market for months (or even years) without any nibbles. This scenario is mostly for homeowners who are relocating for a new job or experiencing financial hardship and need to sell their property quickly.
2. When the Offer Is All Cash
When someone offers to buy your home for all cash, that’s usually a good sign that they’re serious about buying and that there aren’t any major financial issues with the deal. All-cash offers are typically sporadic, so if you receive one, you should jump at the chance to accept an all-cash offer also means that you won’t have to worry about financing falling through and having to start the selling process all over again.
3. When There Are No Contingencies
A contingency is something that must happen for the deal to go through. For example, a common contingency is when a buyer needs to sell their current home before they can buy yours. If an offer comes in with no contingencies, that’s usually a good sign that the buyers are ready, willing, and able to buy your home as-is. This type of deal often leads to a quick and hassle-free sale.
4. When It Includes a Pre-Approval Letter from a Lender
A pre-approval letter from a lender tells you how much money a potential buyer has been approved for by their bank or mortgage lender. This is important because it gives you an idea of how much house they can afford. If an offer includes a pre-approval letter from a lender, you can rest assured knowing that financing shouldn’t be an issue and that the buyers can meet your asking price.
5. When It’s Close to Your Asking Price
If you receive an offer close to your asking price, it might be worth accepting and moving on. Of course, you can always counter-offer if you get more money from the deal. But, in general, if an offer is close to your asking price, it’s a good sign that the buyers are serious about buying your home and are willing to pay a fair price. In the end, whether or not you should accept the first offer on your home depends on various factors.
Important questions to ask yourself include:
- Do you need to sell quickly?
- Is the offer all cash?
- Are there any contingencies?
- Does the offer include a pre-approval letter?
- Is the offer close to your asking price?
If you answered yes to any of these questions, it might be worth accepting the first offer on your home. Work with your real estate agent to determine the best action for you and your home.
When it comes to selling your home, there is no one-size-fits-all answer. But if you find yourself in any of the above situations, it might be worth accepting the first offer on your home.
Selling a house might be difficult, especially if you’ve spent many years there or raised your family in the home. But, sometimes, taking the first offer is the best decision – especially if you need to sell quickly or the offer is all-cash with no contingencies. Pre-approval letters from lenders also indicate that financing won’t be an issue for buyers. If you receive an offer close to your asking price, it’s usually a fair deal. Weigh your options and make the best decision for your unique situation. Remember, when deciding whether or not to accept an offer on your home, always consult with your real estate agent first. They will have experience dealing with these types of situations and will be able to advise you accordingly.
