Once you accept an offer on your home, it might seem logical to pull it from the market. However, continuing to show it could be far more beneficial. If you are unsure if you should keep showing your home, here is what you need to know.
Why Should You Continue to Show Your Home?
Some homeowners balk at the idea of leaving their home on the market after receiving an offer, but there are a few good reasons that you should. For instance, until closing, there is a possibility that the buyer might back out of the sale. Even if you end up keeping the earnest money, you still are left with the problem of selling your home.
The housing market can change in a short period. Whereas the market favored the seller when you accepted the offer, it could shift towards the buyer in the time leading to close. If that happens, you could end up with offers that are far less than expected.
You should also continue to show your home because you could get a higher offer. It might seem wrong to back out of your agreement to accept a higher offer, but it frequently happens. In fact, your realtor and attorney likely included a contingency in your home purchase agreement that allows you a certain period to back out if you do get a better offer.
What If You Get a Higher Offer But Have No Contingency?
If your home purchase agreement does not allow you to back out for a better offer, there is a chance you can still end the agreement and accept the higher offer. You might have to get tough to do it, but it can be worth it.
For instance, if the first buyer wants you to make major repairs after the home inspection is completed, you could refuse to meet his or her demands. The buyer will likely exercise his or her right to back out due to the home inspection.
If playing tough with the buyer is out of the question for you, you could talk to the original buyer and ask to be released from the agreement. Depending on the buyer, he or she might even be willing to pay more for the home.
To make sure you are making the right decisions when selling your home, work with a realtor. He or she will guide you through the entire process. For more information, contact local professionals like those found at RE/MAX TOWN & COUNTRY.
