My recent listing in Fairfax sold before it went on the market. Having the conversation with my clients about the pros and cons of accepting an offer pre-MLS brings up some interesting talking points:
PROS
- An offer in hand is obviously the least risk you can take when selling your home! If time is of the essence, this is one of the fastest ways to get your house sold.
- You hold all of the leverage as the seller. Low offer? Tell them to take a hike. Terms you don’t like? No thank you!
- Don’t need to be bothered by showings or an open house.
- Motivated buyers! Generally speaking, the first offer you get is usually the best. Buyers who see your house and write an offer right away generally are very motivated, have more skin in the game, and less likely to walk because of something silly.
CONS
- Don’t have the chance for multiple offers, which sometimes can lead people to waive contingencies.
- Don’t know if someone might have been willing to pay more.
There are lots of factors to consider when accepting an offer on your home, whether it’s pre-MLS or actively on the market. Make sure you talk through the scenarios with a trusted real estate agent to help you make the right decision. Contact me!