The selling process is a whirlwind of movement and change that might seem intimidating. It’s easy to get overwhelmed by the amount of money involved and all the personal and business decisions that need to be sorted out. There’s so much that goes into a home sale, so it’s important to have the right guidance to make sure the entire process is done efficiently. In the perfect world, you’d have a line of buyers outside the front door, each clutching higher and higher offers. However, in most markets there is some balance between the number of buyers and sellers, so make sure to keep expectations realistic when countering offers from buyers.
You have an offer, what now? Some of these factors determine whether a buyer’s offer is acceptable:
- Is the offer at or near the asking price?
- Has the buyer offered the asking price or something close? Has the buyer then buried thousands of dollars in discounts and seller costs within tiny clauses and contract additions?
- If a home has not attracted an offer in months, sellers need to determine if a better deal is possible – recognizing that each month’s costs are being incurred for mortgage payments, taxes and insurance.
- Does the owner have enough time to wait for other offers if the offer is low?
- What if no other offers are received?
- What if several offers are received at once? Do you choose the high offer from the purchaser with questionable finances who may not be able to close, or a somewhat lesser offer from a buyer with pre-approved financing?
It is time to reply to the offer, now what? There are three choices:
- You can counter the offer – We’re interested and here’s our counter-offer
- You can reject the offer – Not interested
- You can accept the offer – Yes, we’ll accept the buyer’s terms
Negotiating the offer
First off, congratulate yourself that you have a buyer who is interested in purchasing your home. Now begins the negotiation process. Don’t feel intimidated or pressured! It’s not a war, nor is it the time to takes things personally. Negotiating is simply a natural business process that involves compromises from both parties in a respectful manner. In the negotiation process, knowledge is power. This is where your experienced Realtor can help you the most. The experience and training that Teresa Stamper has will help you realize your best interests and transaction requirements.