The time has come. The preparation leading up to listing your home, all of the showings, and you finally have a purchase offer in hand. If you are lucky enough, you have multiple. Now, it's time to evaluate. Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.
SET BASELINESAn open discussion with your Realtor is a must. All parties need to be on the same page regarding what is most important to you in the sale of your home. For instance, if you list the home without appliances but know that you can be flexible and potentially include them in the sale, that is a good negotiating tool to be made aware of. Creating a list to rank these things may not be such a bad idea.
UNDERSTAND THE PROCESSWhen an offer is received, there are a number of options available for what to do next:
- Accept it
- Accept all terms “as is” and move forward with the sale of your home.
- Reject it
- The offer just wasn’t what you are looking for. This could potentially spark the buyer(s) to bring their best offer to the table next time around. But you’ll also want to review the purchase offer thoroughly to make sure you aren’t passing up on what may be the best offer you receive.
- The offer has peaked your interest. Some terms you like, some terms your dislike. Maybe the purchase price was spot on, but their closing date is too far away. Put together a counteroffer with modified terms.