Judging the Offer You’ve Received on Your Crested Butte Home

Judging the Offer You've Received on Your Crested Butte Home

Judging the Offer You’ve Received on Your Crested Butte Home – As a Seller it can be very exciting to receive an offer. As a Christmas present under the tree, it is a surprise until you unwrap it. Offers are generally referred to as “strong” or “weak.” A very strong offer would have a few contingencies. Such as a full price cash offer, presented with an earnest money check, and with a quick close date. A weak offer would be a lowball offer conditional upon the sale of another property owned by the buyer. An extended closing date, and dependent upon the buyer securing a loan, or worse, asking for seller financing.

In a distressed market, it is common for sharks to crowd the real estate waters. There may be many opportunities to buy property at lowball prices, and there may be sharks sniffing to see if you are a distressed seller with a lowball offer. When the market is stabilized, these opportunities are few and far between, sharks tend to disappear as do unrealistic lowball offers. Judging the Offer You’ve Received on Your Crested Butte Home here are some tips on how you can receive an offer.

Weak vs. Strong Judging the Offer You’ve Received on Your Crested Butte Home

Offers are generally referred to as “strong” or “weak.” A very strong offer would have a few contingencies and maybe a full price cash offer. Presented with an earnest money check, and with a quick close date. A weak offer would be a lowball offer conditional upon the sale of another property owned by the buyer. An extended closing date, and dependent upon the buyer securing a loan. In a distressed market, it is common for sharks to crowd the real estate waters, and there may be many opportunities to buy property at lowball prices. When the market has stabilized, these opportunities are few and far between, and lowball offers typically result in the expected response from the seller: no response.  In a strong ascending market the seller has more power to negotiate assuming the property is desirable (location, quality, price, value) to other buyers as well. 

Judging the Offer You’ve Received on Your Crested Butte Home

As the seller, you want to sell your home for the highest possible price in the shortest amount of time. You do not want to waste your time or tie up the home with a buyer who is perceived to be unable to buy your home. The buyer wants to buy the home for the lowest possible price. Ensure they are buying a quality home with no surprises. A serious offer should be in writing, as all real estate transactions must be reduced to writing and signed by both parties (those who have the authority to do so).

Verbal offers or email offers can backfire and should be scrutinized because they do not show much of a commitment from the buyer. As the seller, you would rather see the whole shopping list and what the buyer’s total offer entails before responding or showing your hand. My recommendation for sellers is to respond with “we will respect and consider all written offers,” unless the seller is wanting to entice an offer by adding “and at this time we are not expecting a full-price offer” or something similar. It is always best to receive an offer in writing with the earnest money check. Proof of funds, and/or a letter of pre-approval from the bank so the seller knows the buyer is serious. If the seller likes the offer, then their signature means acceptance, and both parties are afterward officially “under contract.”

Seek Out Legal Advice If Necessary

Judging the Offer You've Received on Your Crested Butte Home

A real estate agent is not an architect, builder, or attorney, and cannot (and should not) give you legal advice. It can be helpful to get legal advice and to hire an attorney. Especially if there are complexities with the contract, seller financing options in play, or foreclosure or short-sale scenarios. A good real estate agent will have a list of specialists you can talk with and hire. It is recommended to consult specialists especially if there are known defects in your home. Repairs that need to be completed, unique issues with the offer contract, or that come up as a result of the inspection. 

Final Thoughts How Can I Help?

Do you have further questions or concerns when it comes to Judging the Offer You’ve Received on Your Crested Butte Home? Contact me to help you if you have any questions.

If you want to chat about the real estate market here in Crested Butte – give me a call… (970) 209-5405

I have been in your shoes – as both a Second Home Buyer and Seller here in Crested Butte.

The Crested Butte area offers a wide variety of properties including ski-in/ski-out single-family homes, ski-in/ski-out condominiums, lake and river frontage properties, golf course property, quality homes in Downtown Crested Butte, and true fine mountain homes on acreage.

To see Crested Butte Homes For Sale or search the MLS – visit ChrisKopf.com.

The Crested Butte Real Estate Market is very active. Click this link to see my monthly Crested Butte Real Estate Market Reports.

I have consistently been a Top Real Estate Agent in Crested Butte, and I appreciate the opportunity to earn your business and be your Crested Butte Real Estate Agent.

Please contact me at:

Chris Kopf
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405

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Chris.Kopf@CBMP.com

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