As the Seal Beach real estate market begins to shows signs of recovery, sellers are noticing an increase in the number of interested buyers. While this is a nice change of pace for owners seeking to sell their home, now is the time to be cautious of overly enthusiast buyers.
For the first time in years buyers are finding themselves in competition with others as the inventory of available homes dwindles to lows we haven’t seen since the early 2000’s. When this happens buyers (and their agents) find new ways to present their offer as “the one you should choose”.
Often times multiple buyers are bidding against each other in an attempt offer a higher price for your home. Beware of this tactic that on the surface appears to be the highest offer for your Seal Beach home. Unless this buyer and their lender are highly qualified and experienced, you may spend of a lot of time only to end up canceling escrow.
The first challenge you’ll face when accepting the highest offer on your Seal Beach home is the appraisal. A good listing agent must advise their sellers if there are even comparable sales that will support the higher price that you are being offered. If there are not sufficient comparable closed sales, chances are the appraisal will come in low.
Another hurdle sellers must clear in this market is determining if the buyers mortgage lender is reputable and experienced. Unfortunately the down turn in the market hasn’t cleared out all the part time non-professionals, so now it’s up to you. Using websites like LinkedIn, Facebook or doing a Google search to ascertain their reputation can be very helpful.
If you feel confident about the buyer and their offer price but not about their mortgage lender, you may request that they get approved with a lender of your liking. If the buyers really want to purchase your home, this request should be met with enthusiasm. If the buyers waiver about getting approved with a different lender, they may not be the right ones to work with.
These examples are only a few of the pitfalls a seller must avoid in order to close successfully. The best way to ensure a smooth sale is to begin by consulting with a local, reputable Seal Beach Realtor before listing your home for sale.