When Should You Accept A
Low Bid?
If you are selling your
home and are motivated to get the deal done quickly, you may be tempted to
accept a low bid. Whether you need to
sell because you are being relocated or need to downsize to save your financial
investment, there are several things you should consider before accepting a bid
that is below your asking price. Here
are a few tips on making that decision a bit easier.
How Motivated Are You?
The decision to accept a
low bid should always be influenced by your actual financial position rather
than simply wanting a quick sale. If you
are in a situation in which you may lose your home due to foreclosure,
accepting a low bid may be your only option.
If, on the other hand, you are simply tempted to take a low bid because
it is more than you originally paid for the home, you may want to
reconsider. For most people, the
motivation will lie somewhere in the middle, and balancing your motivation to
sell and the potential financial loss of accepting a low bid should be
carefully evaluated.
Avoid Becoming A Motivated
Seller
The best way to sidestep
having to take a low bid is by avoiding the position of being a truly motivated
seller in the first place. If you are
having trouble paying your mortgage, be sure you have exhausted any refinancing
options that may exist. Another common
reason people feel obligated to accept a low bid is that they have already
purchased a new home and do not want to be in the position of paying two
mortgages at once. So before purchasing
a new home, first sell your existing home.
No matter your reason for
considering accepting a low bid for your home, be sure you get the advice of
both a Premier Beach Realty Agent and a financial advisor to ensure you are making the right
decision.