Reasons Sellers May Need to Accept a Lower Offer on Their House Part 1
If you’re at all familiar with the real estate market, you may know that real estate agents typically suggest that their clients seriously consider the first offer they receive on their home. While you may feel insulted by a potential buyer’s low ball offer, if you are thinking “I need to sell my house for cash in Raleigh, NC,” there are reasons why you may need to accept that offer. In this first part, we will discuss the some of these reasons before we conclude our series in part two.
You Need to Sell Your Home Fast
Life has a way of throwing curve balls. Whether those curve balls are good or bad, if you own a home, you may end up needing to sell it quickly. If you are facing pressure-inducing circumstances such as major financial woes, a foreclosure, a relocation, or a divorce, you may have to compromise on your ideal price to get your home sold quickly.
Lack of Interested Buyers
Again, there’s a reason why your real estate agent recommends taking the first offer. If someone offers you $250,000 for your home, but you feel your home is worth more, you’re likely to turn that offer down especially if it’s early in the selling process. However, over the next month or two, you may notice a decline in interested buyers. Finally, when a new offer comes in, it’s $8,000 less than the first offer. Do you take it? Chances are, those offers will continue to decrease in value.
You’re Selling to a Friend or Relative
When you need to sell your house for cash in Raleigh, NC, selling to a friend or family member may make sense. Perhaps the home holds sentimental value or you want to help them out. You will likely be selling the house for less, but you should know that selling your home below market value could prove to be tricky especially where the IRS is concerned. Consult an attorney for assistance with this type of transaction.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.
Need To Sell Your House Fast?