With any luck, by this point you’ll have one or more offers in hand! Hurray! This is an exciting time, you’re one MAJOR step closer to selling your house and we finally get to see the fruits of our labors! We love getting and delivering offers, and you should be excited to get them. It’s easy to become overwhelmed, especially in a multiple offer situation, so we work with our clients to try and get them excited about receiving any offers as they’re generally some of the most honest feedback to the strength of the listing. Here’s what to navigate the offers.
Assess The Strength Of Each Offer
The first thing you’ll probably be looking at is the $ amount of your offer, but there are other things to consider too. From the proposed financing to the deposits to the requested due diligence period to the closing date, how do each of these factor into your situation? It’s hard to say outright what is good and what isn’t because everyone is so different. We like to sit down and go over the options with sellers, and discuss with them how each of these items can effect the sale.
Reply To Each Offer In A Timely Manner
It’s customary to respond to each offer ASAP. We advise sellers not to sit on offers and wait to respond to them for too long. Besides being impolite, it’s also a good way to lose out on a decent offer. If you’re considering an offer enough to sit on it, you should consider if it’s strong enough to actually accept or counter. When the offers arrive, the ball is in our court, and there’s no shame in replying back and asking for different terms. Full price offers are hard to counter, but they’re also what we were looking for! As long as the other terms are reasonable, it’s a good idea to reply back quickly.
Counter If You’d Like
If an offer comes in close, but not quite where you need it, counter! This is a negotiation process, and we’re ready to negotiate on your behalf. We’ll draft a response and send it over. It’s helpful to remember that any provision on an offer can be countered, not just the price. We can ask for different closing dates, deposit amounts, etc.
Accept The Offer
Most importantly, if a good offer comes in – accept it! As mentioned above, there’s little benefit in sitting on full price offers. The best thing we can hope for in this market is a full price offer. Over asking price offers are the unicorns of the real estate world and too many sellers hold out for them. Remember, we listed the house at a price you wanted to get for it, so being greedy and hoping for more could cause us to lose out on a great opportunity!