What You Need to Know Before Accepting or Rejecting an Offer for Your Alaska Home

Every Alaskan home seller dreams of earning top dollar for their property. Once the For Sale sign is posted in the yard and buyers begin to arrive for showings, you'll start to wonder when the offers will land in your lap. But no matter how many offers you ultimately receive, remember that the best one may not be immediately clear to you and come packaged with a big, red bow. 

There are many factors that should be considered in your decision to accept—or reject—an offer on your home in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, or North Pole. As your local experts in Alaska, we have listed four of the most important areas to research before you determine the best offer.

Contingencies
Even if you receive an offer over asking price, you'll want to make note if there are any contingencies. For instance, does the homebuyer need to sell their current home first, in order to buy yours? Does the buyer want to place a contingency on their ability to obtain financing? Before you make your final decision on choosing an offer, it's key to get a handle on the types of contingencies you could see.

  • Home Sale Contingency
    Allows the buyer time to sell their current home before proceeding with the purchase of yours.
  • Financing Contingency
    Protects the buyer in the event that they are not able to obtain a mortgage loan.
  • Appraisal Contingency
    Allows for an appraiser to value the property and ensure the home is worth enough to cover the cost of the mortgage.
  • Inspection Contingency
    Allows the buyer to have the home inpected and request that repairs be made by a certain date.

Earnest Money
This deposit is intended to show a buyer's level of dedication to seeing the sale through to the end. The typical earnest money deposit is between 1 and 3 percent of the cost of the home and should the buyer back out of the deal, the seller typically gets to keep the deposit. When dealing with a case of multiple offers, the higher the earnest money amount, the stronger the offer.

Closing Date
If you need to move to a new home by a certain date, the closing timeline will be especially important. Many buyers will go with the standard 30 day close, but some may ask for a quicker closing date or extend well past 60 days. First consider your own calendar and when would be ideal for you to pack your bags before deciding on the best offer. And if you have a strong offer in all other areas but this one, remember that you can always counter the closing date.

Cash Offers
One of the biggest hurdles for buyers to jump in real estate is obtaining financing. But when you are given an all cash offer for your home in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla or North Pole, you easily avoid it. Cash offers, pending all other factors involved make sense, can be the strongest for this reason alone. 

Ready to sell your home in Alaska or wondering if your property is ready for today's real estate market? Give Madden Real Estate a call today for more information!

We look forward to hearing from you!

Wes Madden, CEO
Madden Real Estate with Keller Williams Realty Alaska Group
(907) 452-3000
Wes@WesMadden.com

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