How to review offers from homebuyers

• Does the buyer have a pre-qualification letter from the bank if they are getting a loan? If not, ask for one. If the offer is all cash, get proof of funds.

• The average home sale can be around 45 days if a loan is involved; 30 days for cash. The deposit for the due diligence period should be a minimum of 2% of the offer made. 

• Make sure the due diligence date is no more than 7-10days. In the current market, 7 days is typically enough to do an inspection and inform you if the homebuyer wishes to proceed. You don’t want to hold the house up from other potential buyers and lose important time on the market!

• Check if you are in a county where the buyer or seller choose the closing company and pay for the title policy. It varies by county. If the buyer is in control, make sure to check that the title company has positive reviews. Title companies are responsible for the sale of your home and if other people have complained about them then that’s a bad sign. If you don’t like the title company the buyer wants to use, you can always ask to change the title company to one of your liking. Richr Title offers real-time updates, encrypted communication, transaction management in the cloud, and remote online closings. 

• If the buyer has a term “and or assigns” after their name, ask them why and if it can be removed. Remember you want to deal with buyer and not someone else who they may assign it to who you do not know. This can be problematic if you’ve never met the other homebuyers. “And or assigns” allows the buyer to assign/flip the contract to someone else.

If your home is still on the market, you can sell it faster by joining Richr.com today, and we also reward you with up to 3% cashback when you buy your next home!