When the North Shore real estate market is hot, buyer demand is high, and sellers have the advantage, of course looking for the highest offer is a common strategy. However, there are a few other factors—besides money—that can contribute to a strong offer.
If you’re selling your home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or the surrounding North Shore communities this year, be sure to dive deeper when reviewing those offers and see if the following factors are included. Every seller would do well to consider all aspects, beyond the dollar amount, before settling on a buyer!
As a home seller, you likely have a dollar amount in mind that you would like buyers to meet or exceed. But just remember that buyers need to prove their ability to afford the purchase, no matter what their offer amount on paper may show.
A pre-approval letter is always helpful to see in an offer as it shows the buyer has visited a lender and is qualified to make the purchase and obtain financing. If you prefer to move quickly, an all-cash offer might be more intriguing— but just be aware that cash offers can come with more negotiations as there is no financing obstacle to navigate.
A great offer may also come with a larger earnest money deposit, also known as a good faith deposit. This money is given to the seller’s brokerage to prove they are serious about purchasing the home. A normal earnest money deposit is typically one to two percent of the sale price. However, the larger the deposit, the stronger the offer.
This money ultimately goes toward the buyer’s down payment if they close on the home, but if they break the contract and walk away, the seller can potentially keep the deposit.
Contingencies are marks that need to be met in order for the transaction to move forward. For example, buyers might want an inspection contingency that allows them to have the property inspected. If necessary repairs are found, the buyer may ask the seller to fix them before closing.
With contingencies present in an offer, this allows the buyer to walk away with their earnest money should the contingency not be met. For this reason, you may like to choose the offer with the fewest contingencies to ensure a smoother transaction.
Now is a great time to consider listing your home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or the surrounding North Shore communities and I am happy to help you navigate the process!
Give me a call today for next steps on preparing your home for sale or to find your current home value in the market!
We look forward to hearing from you!