Seeff breaks down the key considerations for sellers eager to sell their property quickly
It’s every seller’s dream, isn’t it? A quick, stress-free sale, and the perfect buyers.
Unfortunately, not every property transaction is that straightforward and sellers must take time to carefully consider a buyer’s offer. When selling a property, sellers need to recognise that offers to purchase vary in terms of conditions and contingencies. The highest offer may not be the best price, and vice versa.
Seeff is here to provide guidance for sellers.
When Should You Accept An Offer?
Are you running out of time to sell your property, as financial pressures or other life circumstances insist upon a quick sale? Selling property is an important decision, and it’s easy to let stress overtake you and consequently make a hasty, ill-informed decision.
Seeff's Property Practitioners highlight key considerations to help you decide when to accept an offer:
Price Alignment. Finding an offer that not only meets but even exceeds your asking price, and without any challenging conditions attached, is the ideal offer.
It's a dream come true because you know you're getting the value you believe your property deserves, and the smooth transaction process feels like a breath of fresh air. Such an offer should be a strong contender for your consideration.
Urgency. Life can throw unexpected curveballs, and sometimes we need a quick solution. Picture this scenario: you've got a new job opportunity in a different city and must sell your house quickly as you’re relocating. In this situation, even if an offer comes in slightly below your expectations, accepting it might be the best decision.
Contingencies. Cash offers are like a cool breeze on a hot summer day. When you receive a cash offer with no contingencies, you can practically hear the sound of gears shifting to high speed for a swift transaction.
Even though it might not be the highest bid, the peace of mind that comes with knowing there won't be delays due to financing or other contingencies is invaluable.
Financing Confidence. Selling your property can be nerve-wracking, especially regarding the buyer's financing. But what if the only condition in the offer is related to financing, and the buyer has already been pre-approved for the funds needed? This is a safety net catching you as you take a leap of faith. This confidence in the buyer's ability to secure financing sets your mind at ease, as you know that the purchase is more likely to progress smoothly.
Deposit Significance. A buyer who offers a substantial deposit shows their commitment to the purchase. This increases your confidence in the buyer and their intent.
Property Condition. It’s a relief when a buyer is willing to accept your property "as is" at an acceptable price. You might need to conduct some repairs or renovations, but if the buyer is happy with the home’s condition, you likely don’t want to lose them.
3 Key Market Conditions To Consider for Selling Property Quickly
Embarking on the journey of selling your property is like stepping into an intricate dance between market conditions and the art of evaluating offers. How can you navigate this to make the most informed and rewarding decision?
Here's some information to help you understand the process:
Is it a buyer’s market? In a thriving market with strong buyer demand, sellers have leverage and can be selective. In a buyer's market with limited buyers and offers, sellers should be cautious about refusing an offer, especially if they need to sell quickly.
What’s your asking price? When setting your asking price, it's essential to balance between a good offer and a realistic offer, considering current market conditions. For example, if similar properties have recently sold in your area for around R500,000 to R550,000, that gives you an idea of how to price your property and the likelihood of a sale.
The "72-Hour Clause". The "72-Hour Clause," commonly found in purchase offers, permits the seller to keep marketing their property for a specific period, typically 72 hours. This provision ensures that the seller can consider better offers during this time, providing them with flexibility and the opportunity to explore other options while keeping the initial offer in mind.
With 59 years of experience, Seeff has gained a reputation for securing higher selling prices, quicker sales times, and attracting more potential buyers through strategic marketing efforts. Leverage our expertise and sell your home with Seeff.
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