The most beautiful fantasy of a home seller is getting a strong cash buyer for their property who quotes a price remarkably close to their asking price and the deal gets closed swiftly without any stress. But every offer, however enticing it may seem, may not eventually turn out to be your dream like deal. If you look closely at the offer and do your research, you may detect some loopholes, points of contention that might arouse suspicions in your mind and you would want to clarify them with the buyer or even pass the offer.
It is always prudent to do a careful review of the offer before you sign on the dotted line.
A close examination of the terms of the offer is a good starting point because the tone of the terms often sets up an initial strong perception about the buyer. If the buyer is asking to buy the house “As-Is”, not expecting the seller to perform any minor or major upgrades to the house before closing then this smell of a strong and a serious buyer. The earnest money amount should be substantial, and the buyer is committing to deposit the EMD within 72 hours.
If offer looks good with good terms, a solemn promise to pay a good EMD amount with in shorter time frame then you must look for the pre-approval letter that accompanies the offer letter. This pre-approval letter is issued by the attorney or lender and is the proof that the buyer has got sufficient funds to pay the amount quoted in the offer letter.
Here seller must look at two things, first the date of the pre-approval letter. If the date is few months older then there is a strong probability that funds would have been exhausted by this time and you must not trust this buyer. Then you must carefully examine the source of the money, is it coming from a liquid account like checking or savings account then it is good otherwise you would really find it hard to access the money during closing as many unnecessary obstacles would crop up to be overcome, hardly a recipe of a dream deal.
Last but not the least, you must do some research on the past track record of the buyer. Ask them about the past references and the transactions they have been involved in and make careful inquiries to ascertain their credibility. You can go online also to find if they have received some reviews and how are they.
A good deal is every home sellers’ goal but it is only possible, if they take informed decisions by doing their research properly. American Made Home Solutions can help home sellers in this regard and empower them with all the knowledge and immense experience that we have.
