Ready or Not . . .

By
Real Estate Agent with Joy Daniels Real Estate Group, Ltd.
Joy Daniels Real Estate GroupRe-blogged 0 times

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.

 

Posted by

Joy

Joy Daniels, GRI, ABR, CSP, e-PRO
JOY DANIELS REAL ESTATE GROUP, LTD
2793 Old Post Road, Suite 200
Harrisburg, PA  17110

(717) 695-3177  office - Call TODAY and let me help you find your dream home!

www.joydaniels.com

Joy@JoyDaniels.com - Email TODAY and let me help you find your dream home!

What is your home worth?  Find out at MLS Market Snapshot

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Topic:
Real Estate Best Practices
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Ambassador
1,482,357
Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

had a recent conversation with a seller who said "don't bring me an offer of less that $X.  Had to tell them the law says I have to bring them any written offer even if it's two chickens and goat.  Thankfully they laughed and I explained an "offer" is the gateway to negotiate getting their home sold.

October 13, 2012 01:30 PM
Ambassador
804,547
Suzanne McLaughlin
Sabinske & Associates, Realtor
Sabinske & Associates, Inc. (Albertville, St. Michael)

Very nicely done.  And, Tammy's comment made me laugh.  Two chickens and a goat.  Reminds of that one lady who said you could pay your doctor in chickens!

October 13, 2012 01:40 PM
Rainmaker
586,030
Joy Daniels
Joy Daniels Real Estate Group, Ltd.

I like the explanation Tammy - "gateway to negotiate". . . I am definitely going to be using it.  Thank you! :)

 

You can tell Tammy is from Georgia.  :)  She made me laugh too Suzanne.  Thank you for your continued support!

October 13, 2012 02:12 PM
Rainmaker
585,245
Don Sabinske
Sabinske & Associates Inc.
Don Sabinske, Sabinske & Associates Inc.

Joy, I liked Tammy's comment, too.  And the gateway to negotiate should be written down, memorized and sealed for the great agents and brokers to use.

October 13, 2012 04:06 PM
Rainmaker
1,322,713
Charles Stallions
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.
Charles Stallions Real Estate Services

It amazes me that sellers will say don't bring me anything below XXXX, I always say if it is even $100. below you don't want to see it right.

October 13, 2012 06:15 PM
Rainmaker
586,030
Joy Daniels
Joy Daniels Real Estate Group, Ltd.

You are right Don - I know I wrote it down!

 

I try to remember I have done this for 20 years, 1000's of times and it's my job to help my sellers be open and less emotional.  Did you read Tammy's line?  :)

October 14, 2012 05:07 AM
Ambassador
1,094,065
Michelle Carr-Crowe Just Call 408-252-8900 Luxury Homes in Top Silicon Valley Schools-San Jose, Cupertino, Saratoga & Palo Alto
Family Helping Families Buy & Sell Homes 40+ Years
Just Call 408-252-8900 Lynbrook Homes Cupertino KW

Thanks for a good post spelling out the exact options. I'm hoping to have offers happen tomorrow on a duplex I'm selling.

October 14, 2012 11:24 AM
Rainmaker
586,030
Joy Daniels
Joy Daniels Real Estate Group, Ltd.

I hope you get offers tomorrow too Michelle! :)  And I hope your sellers are willing to listen to whatever they may entail.  You are simply the messenger in this case!

October 14, 2012 12:12 PM
Rainmaker
970,129
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Hi Joy -- I let sellers know at the beginning while signing the listing paperwork -- let's look at all offers -- it's an invitation and an indication of what a buyer(or buyers) think of the product -- your home.   It's better to have an invitiation in hand(or more) than sitting home alone on a Saturday night.    At least you have an indication of what a buyer "thinks" of your home -- it's the ultimate feedback.

October 15, 2012 08:09 AM
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Rainmaker
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Joy Daniels

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