Seller Beware – it is a crazy competitive sellers market. You may be thinking of selling your house or maybe you already are. There are a few things you definitely need to think about. I know it can be nerve wracking with all these offers being thrown at you, I totally understand it can be stressful, but don’t worry I’ve got you covered.
There are a few things I’ve learned over the past years of selling homes here in Oakland and Berkeley. I specialize in selling homes here in the East Bay. Obviously you want the best price for your house and the best terms. When you’re dealing with multiple offers, one of the things that the agent representing the buyer may do is to remove the contingencies. That’s great, but with my experience representing many sellers, sometimes I’ve found that the buyers will pay a significant amount over the price of the home. This is great, but you need to make sure that if they do this, that they remove the appraisal contingency. Also, make sure they really understand what it means to remove that contingency.
The buyer will pay the difference between the appraised value of the home, meaning the difference between what the appraiser says its worth and the price offered. So if the difference is really big, you need to make sure the buyer has the funds on hand to pay that difference in addition to their down payment and closing costs. I’ve sold many homes where the buyer paid several TENS of THOUSANDS over the appraised value, and the buyer had to come out of pocket for that difference. So just be careful when selling and make sure this is a consideration.
If you’d like more information and are thinking about selling, don’t hesitate to call.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY EAST BAY AREA. I’ve been in the East Bay since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.