In a seller’s market, you might get several competing offers from buyers. In this kind of upswing, you might think all you have to do is accept the highest bid, but the reality is a little more complicated. The real estate attorney at Bernardini Law PC in North Andover, MA, explains that it’s import to check with your lawyer before agreeing to a sale. She offers some insight into a few telltale signs that the deal might fall apart.

How to Spot a Bad Deal

1. The Buyers Aren’t Preapproved

Securing a mortgage is the most difficult part of buying a home, so take any offer that isn’t backed up with a preapproval letter with a grain of salt. A prequalification letter provides a little more assurance, but it doesn’t mean the prospective buyers have submitted their information to a lender. Taking a slightly lower offer from a buyer who’s already been approved for a mortgage can prevent delays and headaches later on.

2. They Want You to Cover Closing Costs

While closing costs are a common point of negotiation, be cautious about accepting any offer that shifts the financial burden onto you. Other elements of the deal might balance it out, but it can also mean the buyers can’t comfortably afford to buy the property.

3. Buyers Ask for Unusual Timelines

The average closing takes a couple of months, but many deals are wrapped up in as little as 30 days. If the buyers ask for more than 60 days or need more time for the real estate attorney review, they might have credit problems they’re still trying to work out. On the other hand, a fast-track offer might mean they already had one deal fall through, possibly because they couldn’t secure financing.

Whether you’re selling a home or putting your property on the market, you need an attorney who concentrates on real estate law to protect your interests throughout the process. Bernardini Law PC in North Andover, MA, provide buyers and sellers alike with a broad range of services and expertise you can rely on. To discuss your sale and schedule a consultation with the real estate attorney, call the office at (978) 794-5525 or visit the firm online.