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Ready or Not . . . they will come!
Your home is for sale. You're excited and ready to sell, but what will you do when your agent brings you an "offer" from serious buyers?
Many sellers flinch at the word "offer" believing it means accepting a lower price. An offer is merely an instrument, signed by the buyers, stating the price and terms at which they are willing to purchase. The price could be the asking price, or one that is lower or higher than the asking price. Until accepted, it remains an offer, and is not binding. The buyer may withdraw the offer at any time prior to acceptance by the Seller.
Once an offer is received, Sellers have three options:
1) accept it as written
2) reject it outright
3) make a counter offer.
It is generally good business to either accept the offer or make a counter-offer, since rejecting an offer can put a quick end to an otherwise potential sale. Often when a buyer makes a low offer, they are expecting that the Seller will make a counteroffer.
An offer may include "Seller Help" and in this case the Seller needs to consider that as a reduction of the gross offer price. Commission is the biggest cost, but there are typically other cost for the Seller. A Seller may be satisfied with the "net" result, and this can be determined by asking the real estate agent to prepare a "net sheet" providing an estimate of the sellers proceeds are expected to be at closing.
When selling your home, don't shy away from "offers". Ask your agent for a complete explanation of both the positive and negative effects, then make an informed, unemotional decision.