Accepting an Offer in Alaskan Real Estate
As housing prices and mortgage rates continue to rise across the country, many home sellers are now aware that the time is right to list their Alaskan homes. But before you place that For Sale sign out front, take a few moments to go over the basics of selling a home in Alaska. The Madden Real Estate team can help answer any questions you may have and the following will go that extra step. When the offers begin to come in for your homes in Fairbanks or Anchorage, you'll know the in's and out's of each option, from cash to closing. A few options you may encounter on your home selling journey within the Alaskan real estate market include:
A Cash Offer
As they often come with a quicker home sale and closing, cash offers typically catch the attention of Alaskan home sellers. From a financial standpoint, a failure to secure financing to purchase Alaskan real estate is after all, the number one reason a deal might fall through. "A cash offer isn't a guarantee, however. There's another downside for the seller: Most cash offers come from investors looking to "fix and flip" houses they buy at a discount," one home loan expert tells MSN Real Estate. "These investors don't plan to occupy these houses for the long term, if at all."
While you may indeed receive the funds quicker and even sell your Alaskan home faster, there is a chance you will make money in the end if you choose an offer from the homebuyer who is able to secure a home loan through financing.
A pre-qualification letter is generally written by a lender to state that a homebuyer is able to obtain financing for Alaskan real estate. However, not all pre-qualification letters are the same— some may state more details than others. Both you, the seller, and your Alaskan real estate agent are able to research to decide which letters submitted for your homes in Fairbanks or Anchorage are best. Keep in mind that loan officers may not be advised to share personal details from the homebuyer, but they can discuss their strengths and exactly how qualified they are to purchase your home.
When it comes down to it, Alaskan home sellers have the final say in deciding which offer is the best for their home. A cash offer does typically ensure a quick and smooth transaction, without the risk of a homebuyer's financing falling through. But don't be swayed too quickly! If you feel strongly about another offer that may allow you to get a better deal, even make money on your home, than by all means do some research before accepting it.
The ball is in your court as the home seller and at Madden Real Estate, we are happy to help you navigate the process. Contact us if you have any questions about your home sale and are ready to choose the best strategy for selling your home quickly and efficiently.