These days, selling a home can feel like hosting an auction. There are more buyers than sellers, and the inventory is at an all-time low. Although you may receive offers way over asking price, there are some things to pay close attention to in order to ensure a successful transaction.
You should negotiate terms into the offer to protect yourself as a seller.
Most buyers are going to need financing. The loan-to-value ratio scale that lenders use is based on the listing price OR the appraised price—whichever is lower. So the borrower may only be able to secure 80% of a value that doesn’t necessarily match their offer price.
Make sure your buyer understands they may be fully responsible for the difference out of pocket. Be transparent to make sure your closing happens without unfortunate surprises.
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Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.