When is taking a lower price offer for my home better? Are you selling a home in Wellington | West Palm Beach | Royal Palm Beach Florida?
Today’s Real Estate Market in Palm Beach County is going up fast than sold comparable are. What does that mean? If a three bedroom home sold for $300,000 6 months ago, and a similar home comes on the market today for $340,000. With buyers willing and able to pay the higher price due to demand and low inventory. The two main ways this can successfully close $40,000 above the last sale:
A) The buyer pays cash (it is still legal to pay too much money with your own cash!)
B) The home appraises for $300,000 and the seller is willing to pay $40,000 above appraised value.
So if you are the seller of the $340,000 home and you have two offers:
A) $350,000 buyer using an FHA loan and has no money above appraisal.
B) $340,000 buyer putting 50% down with no appraisal contingency.
You are better off taking the lower offer, since under scenario A) the appraisal is pretty much guaranteed to come in below that asking price. At that point you the seller can either lower your price or put the home back on the market.
An experienced Realtor will explain each offers benefits and draw back to you, so you can make an educated decision.
Are you in the market to buy or sell a Single Family Home, Townhouse, Villa or Condo in Wellington | West Palm Beach | Royal Palm Beach Florida? Don't forget to call Karl R Schulz of Friday Realty 561-379-7881 www.FridayRe.com
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