We just received an offer on our house - Now what?
There is nothing as exciting as receiving an offer on your house for sale. Exciting and nerve racking!
Getting that offer is just step #1 in the process of actually selling your house.
As a Realtor, once I receive an offer for my clients, I book an appointment to come over and review it together. We will review the terms of the offer and discuss the price.
What is a good offer?
A good offer is one that is close to the asking price. However, price is not the only thing to look at when reviewing the offer. You will want to look at the terms of the offer such as the proposed closing dates and the conditions or 'subject to's' of the offer.
What options do I have with handling the offer?
- You have several choices . You can:
- * Accept and sign the offer with no changes
- * Make a counter-offer
- * Reject the offer outright
If you are happy with the conditions and terms of the offer but not the price you have the option to counter back with a higher price. Many buyers will start at a low price just to 'test the water' and don't necessarily expect to get the home at the price they start at.
What else can I negotiate?
Price is not the only part of the offer that is negotiable. You can negotiate on closing dates, included and excluded items and dates that the subjects are due to be removed.
How long do I have to decide what to do about the offer?
Time is of the essence when receiving an offer. It is important to deal with it as quickly as possible , make any changes to the offer and sign it. There is always the chance that the buyer could withdraw the offer if you haven't signed it. Most offers will have a time frame in which the offer is open for. Most offers will be open for acceptance for one day or sometimes longer. However, if a buyer is anxious to make a purchase they may only leave an offer open for a few hours.
What happens after I make my counter offer?
The Buyer's Realtor will take the counter offer back to the Buyers to review. At that time , they too, can counter back. Sometimes the countering process can go back and forth a few times, although most of the time , if the offer is reasonable to begin with, an accepted offer can be negotiated in as few as one countering process.
How will I know if we have an accepted offer?
Once both parties have agreed on a price and the terms of the offer they will be required to initial all changes and then the offer is considered to be accepted.