How To Evaluate An Offer On Your Knoxville Home For Sale

Selling your Knoxville home can be stressful time. There are a lot of unknowns. You don’t know when your home will sell and what kind of off you will receive. It could be a matter of days or it could be a matter of months. The uncertainty can be enough to drive any seller batty.

When you start receiving offers, it’s important that you’re able to evaluate each offer to determine whether or not it works for you. This isn’t always a cut and dry process, since all offers are a bit different. Here is how to evaluate an offer on your Knoxville home for sale.

You Have 3 Moves To Make

First, it is important to note that you have three different choices when you receive an offer on your Knoxville home.

You can:

  1. Accept the offer on your Knoxville home, if the offer meets all of your needs.
  2. Able to counter the offer, if it is something you can work with
  3. Reject the offer, if you don’t want to work with the offer.

Keep in mind, an offer is an offer, you should always try to make it work if possible. Now, we’ll cover how to evaluate an offer.

How Do The Numbers Add Up?

First, when it comes to evaluating an offer, figuring out how the numbers work out is one of the most important things for any seller. When you listed your home, you probably ran through some of the numbers of what you ideally wanted or needed as your bottom line.

Take a look at the offer and consider the following:

  • What’s the overall offering price?
  • Are they asking for closing costs?
  • Are they asking for a home warranty?
  • And, are there any items that they’re asking you to leave that you’ll need to replace in your new home?

Based on that information, calculate how much you will be netting from the sale of your property. If an offer doesn’t give you quite the amount that you want, you still have the option to counter back and see if you can net yourself just a bit more.

Are You Getting What You Need?

There are also the parts of the offer that aren’t necessarily about the money. There’s also the close date and the overall confidence that the buyer will be able to make it to the closing table on the first try.

When you receive an offer, consider if you are getting what you need. Is the buyer wanting to close in a reasonable amount of time for you? You may need to close on another house or already be living out of town, so you want to close as soon as you possibly can.

There is also the importance of feeling confident in the buyer. You want to make sure that you feel confident that this buyer will be able to buy your house and the promised amount of time. Depending on the pre-approval letter they submit, you may feel more or less confident on this issue.

Are Your Getting Most Of What You Need?

Finally, when evaluating an offer on your Knoxville home for sale, consider if you’re getting most of what you need. No seller will get everything the want from an offer. Every transaction is a two way street.

Did you get a higher asking price than expected? Do you have a close date that meets your needs? Consider the offer as a whole and if you’re generally getting what you need. There may be some things that you’re not thrilled about (like paying closing costs), but overall, if you end up in a good situation, just focus on the positive.

You also need to consider what you may lose if you don’t accept the offer. Your home may continue to sit on the market. You’ll have to continue making mortgage payment. At some point, you may be better to accept a bit less and be done with your home.

Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].