Receiving Offers

When a buyer completes an Agreement of Sale, or offer, the Seller's agent will deliver it to your Realtor. At this point your Realtor should analyze the offer, determine the strengths and weaknesses and then schedule an appointment to meet with you. When he or she calls, do not ask "How much is the offer?" Price is only one aspect of the offer. It may be full price but have terms that are unacceptable. In this case, you may become so fixed on the price that you make a poor decision. Have your agent explain the entire offer and prepare an estimate of net proceeds. It is this estimate that is most crucial as it will allow you to determine how much you net at closing.

At this point you have 4 options:

1. Accept the offer as is. In this case, the contract is binding as soon as the Buyer or their agent is notified of your acceptance.

2. Reject the offer. In this case, you decline to accept the offer and the property remains on the market.*

3. Counter-Offer. By making a counter-offer, you may make changes to portions of the contract and return it to the buyer for acceptance. If the buyer accepts the Counter-Offer, this becomes binding as soon as you or your agent are notified. During this time, the property is still on the market until acceptance.

4. Accept another offer.  If you receive multiple offers at the same time, you may chose the offer that best meets your needs. You are not obligated to inform the other buyer of the multiple offers or to disclose why one offer was accepted over another. * 

* Remember, you must adhere to the Fair Housing Laws of your state. You may not discriminate due to race, religion, familial status or other protected classes.

During negotiations, rely on your Realtors advise and guidance. This is the reason you hired a professional.

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