Keystone Real Estate: Offer received on your resort property?
Special to the Daily
Your Summit County property is for sale and your real estate professional has just called to say you received an offer on your resort home. What happens next?
If you truly want to sell your property, it goes without saying that your highest priority should be to help make the sale happen. Even if the offer is low, look at it as a positive indicator that someone likes your resort property enough to make an offer. Every offer deserves your careful consideration! Be gracious. Keep in mind that a buyer was interested enough to make a written offer AND to provide an earnest-money deposit – to show that they ARE serious…to one degree or another! Again, albeit that most offers are low in today’s market price (average in TODAY’s market is 12 percent!), THIS offer may be the first step to find a mutually beneficial sale – between the prospective buyer and yourself! Think clearly, and avoid letting emotions rule your final decision – something your real estate professional can help you do.
Next, be certain the buyer is qualified to complete the purchase. Your real estate professional will help you learn about the buyer’s financial position, available down payment and ability to complete the transaction. Ask questions. Your real estate professional will explain complicated terms or conditions and how they impact the transaction. To make an informed decision, you must understand the offer.
Consider that you can accept, reject or make a counter-offer on any and all offers. My recommendation is to ALWAYS avoid outright rejection! Your real estate professional can explain both the benefits and limitations of the offer. Think long and hard and, if the offer price is ‘far away’ from the asking, try to look for some ingenious ways to ‘close the gap’. Again, your real estate professional should be able to provide some valuable insight here as well!
Remember, whether it’s freeing yourself and your assets to move on to re-invest in another ‘more lucrative’ investment, upgrading to a larger property, moving to a better located project or just eliminating negative cash flow, it could be worth tens of thousands of dollars in the long run! Also, remember that it’s not where you start, but where you end up that’s MOST important! Finally, respond quickly to ALL offers. Serious buyers want to negotiate with serious sellers and they rarely wait around for long…there’s just too much currently on the market to do that!
Craig Walsh can be contacted at The Walsh Group and RE/MAX Properties of the Summit/Keystone. He has over 20 years of comprehensive knowledge of the Keystone and Summit County market and 35 years experience selling resort real estate. He is located in the Expedition Station building in River Run Village or he can be found on the web at http://www.KeystoneColoradoProperties.com, by email at
email@example.com or by phone at (800) 594-1010 or (970) 376-0199.
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