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Should you accept that offer on your house?

One of the benefits of using a real estate agent to help you sell your house is that it's his or her job to be tuned in to current market conditions. Furthermore, an agent will know how to filter out offers on your house that shouldn't be taken seriously. Real estate agents will use information about a prospective buyer's employment status, income, as well as debit and credit history, to advise you appropriately.

Besides considering all the offers that come your way, it's important to take a look at your own financial situation, as well. It's crucial that you remain flexible about price even if it means settling for a price that's lower than the ideal you have in mind. Another factor in deciding whether to accept an offer on your house is what you plan to do with the money. If you intend to use the money as a down payment on a new house, then that needs to be kept in mind as the offers start to role in. Furthermore, it's important to remember that there are different costs associated with selling a home that will be deducted from the closing price. Examples of such costs are attorney's fees, closing costs and the agent's commission.

It may be difficult to objectively come up with a fair asking price for your house. An appraisal may help, but ultimately prices are dictated by market forces. As you come up with a price that's right, factor in such attributes as weather, schools and prices of other homes in the area. Valuing your home at too high a price is more of a danger than undervaluing it. If the initial price you've asked for your home is too low, you'll probably get multiple offers, but if you over-value your house, it could sit on the market longer than you anticipated.