If you've decided to move to another WV property and placed yours up for sale, you're probably intrigued by the different offers that may come in from West Virginia homebuyers. However, do not be distracted by cash-only offers and high-priced numbers— there's much more to consider when selling your Eastern Panhandle home.
Now that bidding wars are more common, you may find yourself sifting through the offers for those that seem to have the most sparkle or rather, those with the highest number. But what home sellers really need to consider are the actual homebuyer's abilities, including loan vs. cash.
The Cash Only Offer
What the Eastern Panhandle seller needs to pay attention to is how strong the buyer's finances are and their ability to close on the deal. If the homebuyer offers cash, be aware that may mean a failure to obtain financing. In some cases, it does mean the buyer may not have qualified for a mortgage or an appraisal fell short of the purchase price. The lender is eliminated in the cash deal, but it does not mean it's a guarantee the home will close with no problems and may in fact, be a buyer looking for a discount on the property.
The FHA Loan
Many West Virginia home sellers have a stigma associated with FHA or VA loans. These come from the Federal Housing Administration and the Department of Veterans Affairs and both require the seller to pay for certain repairs. But the loans do not deserve the stigma, according to experts. The fact being that most states require sellers to disclose and, in some cases, repair defects of their home regardless of the buyer's financing choice. Many sellers fail to look at FHA or VA offers simply because they do not know the facts.
The Pre-Qualification Letter
These letters are written by lenders to state that the homebuyer is able to obtain financing, yet not all pre-qualification letters are the same. Sellers should do their background research to ensure both the lender's and the letter's credentials are valid. To do so, a seller can always call the lender to chat about the buyer's strengths and their true level of qualification— on a scale of poorly qualified to well qualified.
When selling your Jefferson County or Berkeley County home, be wary of all offers and be certain that you know the facts when it comes to each offer and how it will affect your home sale. For instance, cash offers aren't always best and FHA loans do not deserve the stigma they've acquired. Either way, the Eastern Panhandle home seller has the upper hand in the sale and should weigh each offer accordingly to ensure they are taking the best deal.
The Kable Team
Kable Team Realty
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