Accepting Offers On Your Home

You've cleaned, you've decluttered, you've updated, you've depersonalized, you've staged....you've done it all to get your house ready for the market.  And while every home seller's nightmare is that there will be no one who puts in an offer on their home, the reality is that you will get offers.  And in today's market the likelyhood is high that you will even get multiple offers.  Once the offers start coming in, you should have a plan in place for how you're going to deal with those offers.



What's Most Important To You?

The first question to ask yourself is, "What's most important to me in the sale of my home?"  The obvious answer is that you actually do sell the home and not blow every offer that comes your way.  And to not blow the offer, you need to figure out what is your top priority.  Is it the selling price?  Is it that you need to close quickly?  Or is it that you want to feel safe with the transaction and not have it fall through?  Knowing the answer to this question will help you determine which offers to move to the top of the list.

Once you answer the most important question, then prioritize every other term in the offer and set baselines for what you will and won't accept.  This helps you to determine whether you can be flexible on, say, closing date when every other term is to your liking.

What's Most Important To The Buyer?

The next answer you're looking for is what the buyer finds most important.  If an offer comes in that is unacceptable, ask questions to find out what the buyers are looking for, and see if you can accomodate their most pressing concerns.

Review Every Term

Yes, price is very important.  But every other term can have a big impact on how the sale goes and whether or not you'll come out satisfied in the end.  Here are some terms other than price you will need to review:

• Earnest Money:  Did the buyer bring forth enough earnest money?  If they put down a low amount, this may mean that they aren't very interested and could easily walk away and give up their earnest money.  Are you comfortable with that?
• Pre-approval and contingencies:  Do the buyers have a pre-approval letter indicating that they are able to afford your home?  Do they have to wait on financing to go through?
• Appliances, Fixtures, and other details of the property:  Does the buyer want you to include the brand new washer and dryer that you were planning on taking with you?  Do they think that your grandmother's hutch in the dining room fits perfectly with the custom nook you created for just that purpose?  Can you give these things up?
• Inspection results:  Of course you will have to deal with major discoveries in an inspection.  But does the buyer expect you to address every tiny item on the inspection report?  Will this cause major stress in an already stressful time?  Do you have the money to do this?
• Closing costs and closing date:  Are you willing to pay part or all of the buyer's closing costs?  Can you accomodate their closing date?

Be as flexible as you can to achieve your number one goal...selling your home.  For every term, ask yourself, "Can I live with this or is it a dealbreaker?"

Everything Is Negotiable

Remember, everything is negotiable.  Do not take a poor offer personally.  This is a business transaction and treat it as such.  You can always counter with your own terms.  Work hard to come to an agreement so that both you and the buyer are happy with the end result.

Rely On Your Realtor's Experience

Your realtor has gone through this process hundreds of times.  Rely on their experience and expertise to guide you through the process.  Listen carefully to their advice.  But the final decisions are up to you.  It is your biggest investment that you are dealing with and no one can make the decisions for you.  If you've gone through the steps above, the final answer should become clear.  Accept the best offer with confidence.

Source:  Michelle Schwake for Stafford Family Realtors