Quick Answer: Should You Accept The First Offer On Your Home?

Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration.

Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”

Should I accept a cash offer for my house?

Fortunately, there’s an easier way. Accepting a cash offer on a house provides a number of advantages over a traditional sale, like speed, cost savings, reduced time, and (best of all!) lower stress.

When should you accept an offer on a house?

7 Reasons to Accept the First Offer on Your House

  • If it’s the most un-wonderful time of the year for real estate.
  • If your house has been on the market more than three months.
  • If you get an all-cash offer.
  • If you’re going through a major life event.
  • If the buyer goes the extra mile.
  • If you have no skin in the game.
  • If you’ve already found a new home.

How long does it usually take for a seller to accept an offer?

Here’s what you should know. How long does the seller have to accept or decline an offer? It depends, but it is typically around 48 to 72 hours after the offer has been submitted. A standard real estate purchase contract specifies how much time a seller is given to consider and act on an offer.

How much do sellers usually come down on a house?

“The total amount depends on where the property is being sold and the value, but home buyers can typically expect to pay between 2% and 5% of the purchase price. However, closing costs may be paid by the seller or the buyer.

Why is an all cash offer on a house better?

Why Sellers Like All-Cash Offers

Some sellers choose all-cash purchase offers over higher-priced offers with conventional or FHA loan financing because they know a cash offer with proof of funds faces fewer stumbling blocks and is more likely to close. Cash sales also take less time.

Should I accept a lower cash offer?

Some cash buyers, especially investors, make a low cash offer because they are cash buyers. They effectively charge a premium because there is zero risk of the bank refusing the buyer’s loan. This may not represent the best deal for some sellers, especially those that need the sale proceeds to purchase a new home.

Do Sellers usually accept first offer?

Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”

Should I offer less than the asking price?

If there are issues with the property or the price is too high, or both, you can usually underbid and negotiate with the sellers. If the price has remained the same on a listing for more than two weeks, we feel it is okay for our buyers to offer a price that is somewhat less than asking, usually around 3 to 5%.

Can a seller counter offer higher than asking price?

Well, the short answer is yes. “Absolutely, the seller can counter your offer above the listing price,” says David Welch, a Realtor® in Winter Park, FL. “Whether or not the property will appraise is a different question.” That, of course, is one of the difficulties of finding the right price for a home.

How do I convince a seller to accept my offer?

11 Ways To Get Your Offer Accepted In A Seller’s Market

  1. Make Your Offer As Clean As Possible.
  2. Avoid Asking For Personal Property.
  3. Write A Personal Letter To The Seller.
  4. Offer Above-Asking.
  5. Put Down A Stronger Earnest Money Deposit (EMD)
  6. Waive The Appraisal Contingency.
  7. Make A Larger Down Payment In Your Loan Program.
  8. Add An Escalation Clause To Your Offer.

Why would a seller not respond to an offer?

When a seller receives an offer, they can accept the offer as written, reject the offer, submit a counteroffer or do nothing. There are a variety of reasons that a seller may choose not to respond to your offer. The most common one is that your offer is simply too far away from what a seller may consider reasonable.

Are we in a buyers or sellers market?

A market can also be influenced by the selling price of the house. Homes in a certain price range may be more in demand that other houses are. If a buyer has a lot of homes to choose from in the area that he wants to be in, then it’s a buyers’ market. If there are few homes in that area, then it’s a sellers’ market.