"What do I do when I get an offer?" That's a common question from my sellers. An important thing to remember is money is not the only consideration. You may prefer a lower offer with a more suitable closing date. Negotiation is an art where you may give and take over price, terms, and conditions. Here are some tips to help you throughout the process.
Aim for a sale. Your aim is to get as much as you can for your home. The buyer's aim is to find your lowest acceptable price.
Evaluate the Buyer. Buyers who have been pre-qualified have been told by a lender how large a mortgage they're likely to qualify for. Buyers who are pre-approved already have a tentative loan commitment in place.
Keep a level head. Keep communications on an agreeable level. At all stages of negotiation, be as flexible as possible. Try to remain unemotional.
Ask questions. When offers come in they may contain terminology you don't understand. Ask questions, don't accept an offer you don't understand. Avoid discussing contracts when you are too busy to pay them proper attention. This means, have someone take care of your children while you are in the decision making process.
Consider all offers. You have three basic choices. Accept, reject or counter. Outright rejection is seldom wise. Again avoid getting emotional, it won't help and can even hurt.
Respond quickly. When buyers make an offer, they are in the mood to buy. Moods change, don't play games by making people wait.
Rely on your Realtor. We can de-personalize easily, thereby keeping negotiations flowing toward an eventual agreement.