Sellers beware, it’s a competitive sellers market.
You may be thinking of selling your house and there are a few things you definitely need to think about. I know that it can be nerve wracking with all of these offers being thrown at you. And I totally understand that it can be stressful, but don’t worry, I’ve got you covered.
Hi, I’m Jennifer Prestwich, the Prestwich group at Madison & Company Properties. And I’ve been a residential realtor since 2008. I’ve been involved in hundreds of real estate transactions over the past 13 years here in Adams and Broomfield counties, Colorado.
Now obviously you want the best price for your house and the best terms. When you’re dealing with multiple offers, one of the things that the agent representing the buyer may do is to remove the contingencies. That’s compelling, but in my experience, sometimes I find that buyers will also offer to pay a significant amount over the asking price of the home.
Now this is great, but we need to make sure that if they do this that they also remove the appraisal contingency. Also, make sure they understand what it really means to remove that contingency.
If the buyer needs a loan to buy the house, the lender will require an appraisal and the lender will not lend any more money than the appraiser says the home is worth. So the buyer will have to pay the difference between the appraised value of the home and the price offered. If the difference is really large, we need to make sure that the buyer has the funds on hand to pay that difference in addition to their down payment and closing costs.
My office recently sold a home where the buyer paid $50,000 over the appraised value. The buyer had to come up with that out-of-pocket.
So be careful when selling, we need to make sure we’re doing our due diligence. Be sure to reach out to me for all of your real estate questions, big or small. Remember life is too short not to love where you’re live.
And don’t forget, if you’re thinking of selling your home here at Adams or Broomfield counties Colorado, that’s my specialty. I’m Jennifer Prestwich. I’m out here living the Denburbs life and I want to help you do it too!