So you’ve already gone through the hassle of preparing and showing your house and now you have an offer on it—how do you review it?
If you receive an offer on your for-sale home, you need to consider all the details of the offer. These include which items will remain in the house, the price, the closing date, how much the buyer’s down payment will be, how they plan to pay for the property, and how far along in the loan process they are.
Also consider the factors that can decrease how much you’ll net from your sale, such as paying for the buyer’s closing costs or items that the buyer requests you to leave for them, like a backyard playset or a buffet that fits perfectly in a dining room niche.
In Tennessee, the cost of a home sale is approximately your real estate commissions plus about 1%. Depending on which commission structure you take, that’s how much you’ll want to subtract from the purchase price, on top of closing costs and anything the buyer is requesting you leave for them. After subtracting those numbers from the purchase price, that’s the reality of the offer you’ve received.
Reviewing the details of the offers you get will help you to understand how much money you’ll have at the end of the transaction or how much money you’ll need to bring—sometimes, sellers have to bring some money to the closing table, especially if they’re selling it quickly and didn’t put down a huge down payment on the home. We just don’t want there to be any surprises for you when you accept an offer.
If you have any questions about reviewing offers or selling your home, don’t hesitate to reach out to the Fykes Realty Group. We’d love to hear from you.