Top 5 Situations Where You Should Accept the First Offer on Your Home
It's natural for many sellers to be hesitant to accept the first offer they receive on their home. They may want to entertain multiple offers from interested buyers and could even be thinking about potential bidding wars.
In certain circumstances, however, the first offer on your home may actually be the one you should accept. It might make more sense, especially if it is a fair one and you are living in a fast real estate market.
Here are specific cases where the first offer on your home is the one worth taking:
If you Need to Move Quickly
Whether you need to relocate quickly for financial reasons or if you are experiencing a major life event, such as a divorce or a job transfer, your main goal is to sell the property as quickly as possible. It will be a huge relief for you and your family since you can reduce the amount of time you have to pay to cover your living expenses at two homes.
Explain your situation and motivation to your real estate agent so he or she can market the property to secure the best selling price from a serious buyer to avoid the deal falling through.
If Your House has Been Sitting on the Market for too Long
If your home has been sitting on the market for weeks now for whatever reason, the first attractive offer that comes could be your best bet, especially if it isn't a lowball offer. Accepting it might make more sense if you don’t want your property to continue losing its value.
If you Receive an All-Cash Offer
You may want to consider if a buyer gives you an all-cash offer. Cash buyers are usually a safe bet since they don't have to wait on their mortgage to be approved and their offer comes with fewer to no contingencies. This offer can give you a much smoother transaction even if it’s not necessarily the best deal. An all-cash offer is also great if you need to move quickly for financial reasons or if you’re experiencing a major life event. Just make sure to carefully assess the buyer with your realtor to ensure a smoother transaction.
If You Have a Limited Pool of Buyers
Houses that are considered weird, quirky, or contemporary won't likely appeal to the general buyers, which means they can be trickier to sell. Just check this “dome home” in Sedona, Arizona, for example. This 2,400-square-foot octagonal property with four bedrooms and two baths prompted many agents to worry on how to make its peculiar features marketable.
There’s a good chance that offers will be few for those kinds of houses because of its small group of interested buyers, so the first offer will likely be your best option.
If You've Inherited the Home
If you've inherited a home from a deceased loved one and your main concerns are to get a fair price and have a smooth transaction, the first attractive offer that comes your way may be the one worth accepting. This way, you can sell the house as soon as possible and move forward to the next phase of your life.
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