You did everything to prepare your Effingham County and Savannah home for the market. You cleared out clutter, deep-cleaned every room, touched up the paint, and even trimmed the hedges. Your open house was a success! There were plenty of showings, and finally, you receive an offer that you’re happy with.
At this point, it might feel like the hard work is over. But not quite. Here’s why you should still show your home even if you have an offer. Keeping the home available for showings could lead to backup offers or better terms, which might come in handy if your current offer falls through. Additionally, showing your home gives you leverage and keeps the momentum going, ensuring you don’t lose potential buyers who might have different needs or offers.
3 Reasons Why You Should Still Show Your Home Even If You Have An Offer in Effingham County and Savannah
Funding Might Not Come Through
One of the biggest reasons a home doesn’t close escrow is that the borrower fails to secure funding. There are many reasons this can happen, from changes in the buyer’s financial situation to unexpected issues with the lender. In the end, it all means the same for you as the seller: you’re starting over, and that can be frustrating.
To protect yourself, always ensure you only accept offers from buyers who have been pre-approved. Don’t be swayed by pre-qualification letters, as they are just rough estimates without a lender fully reviewing the buyer’s financial details. Even with pre-approval, however, things can still go wrong. A seemingly harmless decision, like applying for six-month no-interest financing at a furniture store, can trigger a lender to deny final funding.
That’s why it’s crucial to continue to show your home even if you have an offer. Keeping your options open by accepting backup offers gives you peace of mind, ensuring that if the original buyer falls through, you already have alternatives lined up.
Inspection Periods are Free “Walk Away” Periods
Real estate agents are known to explain to buyers that the inspection contingency period is a time when the buyer can walk from the deal for any reason. If contingencies are not released, the buyer doesn’t even need a reason. They may have made an offer on more than one home and are doing some due diligence to choose between the two. There is nothing you can do to stop them.
The way to protect yourself is by showing the property during the period when buyers release contingencies. If they walk from the deal after that, you at least get the earnest money as a consolation prize. Still, with the goal to sell the home, it can be hard to start over with no momentum, and the home sits there with an aging listing.
Once these contingencies are released, usually around day 19 of escrow, you only need to concern yourself with funding and appraisal approval.
Allows Greater Negotiation Power in Escrow
During the escrow process, inspections will tell buyers about defects or faults in the property. Every property has something wrong with it – even brand-new homes have an inspection report filled with concerns. That’s the inspector’s job! Rarely do these issues kill a deal. There are usually minor things, like a problem with the garbage disposal or dirty AC filters.
That being said, these all become negotiation points that the buyer will make demands for. Either you fix it, or you credit the buyer with a specific amount of money for the defect. If you have continued to show the property and have backup offers, you can be stronger in your negotiation stance. Knowing someone will come in behind this buyer means you don’t have to offer or accept as high a value in concessions.
This gives you, the seller, a huge confidence boost. You now know your house will sell, and you don’t have to feel pressured to accept a low offer just to close the deal. While there will still be some negotiation involved, you’ll be in the powerful position, rather than on the defensive, trying to simply finish the deal. The best part is, you don’t have to handle the negotiation yourself; your real estate agent takes on that role with the expertise and confidence needed. You just need to clearly state your position and let your agent work their magic. Plus, keeping your home on the market can strengthen your hand, as you can still show your home even if you have an offer, increasing your chances of a better deal.
If you are interested in buying a new home in Effingham County and Savannah, please contact me so I can assist you. I can be reached at (912) 695-6932 or by simply filling out this form.
