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A Resource For Home Buyers

We want to be a one-stop home buying resource for you, and one way we’re doing this, is by providing helpful tips and information about the mortgage industry, buying and selling your home – and many other useful topics that you’ll likely encounter on your path to home ownership. We’re confident that you’ll learn something new every time you visit this page.

To accept the offer on your home or wait for the next one?

To accept the offer on your home or wait for the next one?

Nearly 1 million houses were sold in the first five months of 2021. If you are looking to put up the "sold" sign to your own home, you know the process can be intense.

When you finally receive an offer, it can be very tempting to accept the offer right away. This is the moment, right?

The moment where you can sell your home and move into the next chapter of your life with enough money to support your future goals. This may be true, but it's also important to consider your next move carefully. There are several things to evaluate before accepting an offer, even if it meets or exceeds the asking price.

Are other parties interested?

Most of the time, your first offer is a serious one. Chances are the potential buyer knows they are the first offer and are excited because they currently have no competitors. If the offer is below your asking price, you can negotiate for something closer to what you want. It is also important to wait and see what other interested parties are willing to offer.

Waiting can pay off in the end. Having more options gives you more opportunities to secure your asking price.

How closely does the offer match the asking price?

Even if an initial offer is too low for you to accept, keeping your house on the market allows for more offers to come in. The closer to your asking price, the better.

Sometimes, an offer will come in that is over your asking price, and you may be tempted to accept it right away. The odds of this happening are high in some markets but might not always be the case. Listing agents know the market better than most, so it is important to rely on your agent's knowledge.

Is it a cash offer?

Cash offers are more dependable than most mortgage-based offers. The top three reasons that make cash offers generally better than the alternative are:

  • It guarantees a quick closing.
  • The closing is nearly 100% certain.
  • A potential buyer could end up being denied a loan.

Can you afford to wait?

A seller's personal situation has a massive impact on whether to accept an offer or to wait for something better. Consult with your financial advisors, real estate agents, and associated parties. You can reach out to The Federal Savings Bank to learn more about smart financial choices.