You Have Received an Offer! Now What?
You never truly know what buyers are thinking when they make an offer, but, the ease of negotiations will be directly linked to the amount of preparation you've put into listing your home.
Below are your main areas of focus.
Working with the Price
If you get your asking price, or even over it, that's fantastic! If you don't find the price appropriate you can sign the offer back. This means you're refusing the offer and would like to make changes. One thing to remember is that buyers ultimately decide what your house is worth. If the showing feedback & offer history shows that your price may be high, then be flexible. There may be other ways to save money.
Working with the Closing Date
When do you need to move by? If you don't have a specific date in mind then give the buyer their closing date. You can use it as a tool to negotiate other areas of the offer. If the offer is lower than your asking price, a quicker closing will save you monthly expenses.
Working with Inclusions
Are the buyers asking for your stuff? Homes are commonly sold with Appliances and other personal items such as window coverings, light fixtures, and furniture. If there is anything you don't want to sell with your home remove it prior to listing or exclude it in the offer.
Working with Conditions
Most buyers use conditions when making an offer. This allows them to ensure they are making the right choice. The most common conditions found in an offer are:
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Financing, Home Inspection, & Insurance – Each of these conditions should take approx. 5 business days. Allow for short extensions if necessary, but don’t allow weak offers to drag on and tie up valuable marketing time for your listing.
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Status Certificate – If you’re selling a condo the buyers will need to review the Status Certificate. This will detail several item related to the Condos Corporation. Some items that are of most importance are the Condos financial records, the by-laws, any pending lawsuits, and any restrictions that are imposed on the owners. This condition can take 10 – 15 Business days to satisfy.
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Sale of the Buyers Property – Often times in order to buy a new home people need to sell their current one. If an offer to purchase your home has this condition, don’t be discouraged. Typically this conditions can take weeks or months to be fulfilled but you will still be able to offer your home to other buyers during that time.
Working with Buyers
Every buyer is looking for something different. If buyers are unreasonable simply deny their offer. But if they are trying to work with you then reciprocate. This may be the only person willing to buy your home, so treat them respectfully. If issues come up during negotiations then understand the buyer's concern. A middle ground can almost always be found when people have the same goals.
Get Professional Advice
Are you ready to sell your home? At Dewar Realty we Guarantee Your Home SOLD in 15 Days, or You Get $10,000*
Experience a true Full-Service approach to selling your home. We Take Care Of EVERYTHING! We handle any renovation projects to increase your home's value, the complete professional staging of the entire home, and we back it all up with the best in-house marketing package around!
Call Dewar Realty today, we are ready to help!
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Posted by Greg Dewar on
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