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Offer Procedure
Here we only want to start your thought process on types of offers you wish to be presented.
There are many variations of ways buyers will come up with to purchase real estate. Some are plain laughable, some are serious methods which are not mainstream. I have put together a list of things you can think about to help determine whether or not you want to consider such offers.
Seller Financing--This is where the seller will take a note for some of the List Price.
100% Financing--This is not necessarily bad, However the possibility of the property not appraising or the buyer not qualifying is there. This means that your property is off the market till the financing is arranged and if it falls through you will be back to square one.
Lease with option to purchase--This is where you
actually sign a lease with some of the lease payment going towards a
down payment and the lessee may purchase the property during a specific
time period for a predetermined price. If the lessee does not
exercise his option to purchase the property, all payments he has made
are forfeited to the seller or lessor.
Offer without Pre-approval Letter--A standard contract has a provision which allows a buyer to pull out if they are not able to get financing within a certain period of time, usually 30 business days. (not actual days, does not include weekends or holidays, it ends up being 5 weeks if there are no holidays) By requiring a Pre-Approval Letter you increase your chances of the buyer getting the financing and getting it quicker than without it. A pre-approval means that the buyer has provided their financial information and the lender has verified it and agreed to make a loan. Of course the loan is dependent on the property meeting the lending institution's criteria and appraisal.
Sometimes you will see a pre-qualification letter. This is not very useful to anyone. It states that the buyer has provided their financial information to a lender and if it is true the lender will make a loan. The information is not verified at that time. You could counter asking for a huge deposit which will show interest but they would still get it back if they are not approved and your property would be back on the market.
Now we go to: Market Value
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Free Market
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Detailed
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