CHAPTER 9:
Receiving offers - how to evaluate and negotiate offers from potential buyers, and what to expect during the offer process
Once you’ve listed your home and started showing it to potential buyers, it’s only a matter of time before you start receiving an offer or, in the best case, multiple offers. Receiving offers is an exciting part of the home-selling process, but it can also be overwhelming if you’re not prepared.
In this step, we’ll provide you with tips for evaluating and negotiating offers from potential buyers, and what to expect during the offer process.
evaluating offers
When you receive an offer on your home, take time to evaluate it carefully. Consult with your real estate agent on what offer best meets your goals and if you should consider countering. When evaluating an offer, consider the price, the proposed closing date, any contingencies, and any other terms that are included in the offer. Your real estate agent can also help you understand the terms of the offer and determine if it’s a good fit.
understanding terms
There is so much more to the sale of your home besides the purchase price. Some of the most important terms in a real estate deal include a closing date, possession, unique contingencies, and financing clauses. Make sure that you understand all the terms that you are negotiating in a contract and not just the purchase price.
negotiating offers
It’s common for potential buyers to make an offer that’s lower than your asking price. If you receive an offer that’s lower than you were expecting, consider making a counteroffer with a price that’s more in line with your expectations. Your real estate agent can help you negotiate with potential buyers and arrive at a price that works for everyone.
multiple offers
In a competitive market, you may receive multiple offers on your home. This can be a good thing, as it gives you more negotiating power and may result in a higher sale price. Consider all of the offers carefully and choose the one that’s the best fit for your needs. Click here for our guide to navigating through multiple offers.
accepting an offer
Once you’ve received an offer that meets your needs, it’s time to accept it. Your real estate agent will help you navigate the paperwork and other aspects of the closing process, including scheduling a home inspection, finalizing financing, and preparing for the closing.
By understanding the offer process and working with your real estate agent to negotiate and evaluate offers, you’ll be more likely to achieve a successful sale of your home. In the final chapter, we’ll talk about the closing process and what to expect during the final transfer of your home to the new owners.
In the next step, we’ll talk about the next steps when you accept an offer.
If you want to get an idea of what your home value is in seconds, click HERE