What do I do when I get an offer? That’s a common question from sellers. If the offer is at or above your asking price, the answer may be easy. But remember money is not the only consideration. You may prefer a lower offer with better financing or a stronger buyer, or a more convenient closing date. When all factors are favorable, and the price is right, set the contract and reel in your buyer quickly!

Aim For A Sale
Remember while your aim is to get as much as you can for your home, the buyers aim is to find your lowest acceptable price. In the end, however, you’re both angling for the same catch: a sale on the best possible terms for both parties.

Evaluate Your Buyer
Find out as much as you can about whether the buyer can afford to purchase your home. You’ll gain peace of mind knowing your buyer is really qualified to pay the price you agree upon. Buyers who are pre-qualified have been to a lender and are more likely able to close on the loan.

Stay Cool
Keep communications on an agreeable level. At all stages of negotiation, be as flexible as possible. Don’t lose your cool – even if your buyers get tense – or you might lose the sale completely.

Ask Questions
When offers come in they may contain complicated terminology, sometimes even 2 or 3 addenda. They should be carefully reviewed by you an your attorney. Unless you are out of town, avoid discussing contracts on the phone since there may be important details you could miss in your discussion.

Consider All Offers!
You have 3 basic choices: you can accept the offer, reject the offer, or counter the offer with an alternate that better suites your needs. Consider all written offers signed by the potential buyer, but never sign more than one. You might end up paying 2 commissions or end up in court with an irate loser. Give consideration to every offer, even if it’s lower that what you want. Outright rejection is not a wise move unless you feel the buyer is just “fishing” for a low number.

Respond Quickly
When buyer make an offer they are in “the mood” to buy, but moods change, so be sure you respond quickly even with counter offers. Buyers are known to get “buyers remorse” in the middle of the night, so don;t delay in responding if you really want to make the sale. Also, keep the dialog going because it’s not unusual to have several bath and forth counter offers before you reach a deal.

Be Patient
Exercise confidence and patience as the buyer weighs counter offers. Be forthcoming with all information requested and call attention to all the areas of agreement. Most of all be positive. When disagreements occur, iron out all the small negotiation areas before getting down to any real stumbling block later when most items are agreed upon.

Consider Sweetening the Deal
As the bidding gets closer to your acceptable terms, consider “sweeteners” to make a higher price acceptable to the buyer. The inclusion of such items as lawn furniture, riding lawn mower, other home furnishings, etc may help you make the deal more attractive to the buyer.

Take Care With Contingencies
In drawing up your contract, consider requests for contingencies carefully. Contingencies are typically used to smooth acceptance of a contract without delaying the buying decision. Each contingency must be satisfied before the sale is final and should include a time limit for work to be completed. When you’ve landed a buyer, your signed acceptance of a written offer becomes your sales contract. Except for removing any contingencies, this document is the binding basis for the sale. For your protection, we always recommend having your attorney review contracts before signing.