How Can You Know if You Have a Good Offer in Hand?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

When selling your home, you need to be savvy about the offers you receive. Knowing what a good offer looks like will go a long way in helping you make a profitable sale. Here are 3 tips on how to do just that:

• Look at the purchase price: Buyers will often try to submit a lowball offer. It's important that you don't get offended or emotionally involved. At the end of the day, it's just a business decision made by the buyer, who is trying to see how you will react. Many times, especially in multiple offer situations, the offer that is accepted was originally the lowest - the buyer usually comes up near the original list price because they really want the home. In short, always submit a counteroffer because you never know what the buyer is willing to do unless you try.

• Make sure the buyer is pre-approved: If the buyer is just buying in cash, make sure you get a proof of funds. On the other hand, if they require financing, we recommend that they get pre-approved with our lender so there are no surprises. If they own another house, their debt ratio is too high, their Fico score is not high enough, or they had a distressed home sale, they will not be able to purchase your home. To save you time and stress, we require buyers to get pre-approved with us free of charge and obligations.

• Take a look at the FICO score: This will give you a good idea of where the buyer stands and gives you an inside look of what their debt ratio will really be. Again, it's just another way to make sure you're negotiating with someone who can actually afford to purchase your home.

If you follow these 3 procedures, you should be able to determine whether you have a good offer in hand. If you would like help with the process or have any questions about the Porter Ranch area market, don't hesitate to give us a call. We would be pleased to give you a hand.