Oh My Gosh! You've Got An Offer!!!
Imagine how excited and pleased you will be when your real estate agent calls and says "We've got an offer on your house to discuss. I'll be right over."
Wow! An offer! You've been waiting for weeks, maybe months, to hear those words.
So, the agent comes over and reads you the offer.
Okay, so it's not your asking price. And so the buyer wants you to fix a bunch of things. And so the terms are not quite what you were hoping for. And so the closing is not as soon as you want.
So what. It's an offer! A rare thing these days.
The questions is, now what do you do?
I suggest there are six criteria you want to use when evaluating an offer ... and here they are.
1. Carefully evaluate the merits of the offer versus your motivation in selling. Ask yourself why you wanted to sell in the first place and if the offer will allow you to reach the goals you set when you decided to sell. If so, take it.
2. Carefully review with your agent your list price and the local market conditions. If the market is hot, you may be safe in rejecting the offer or negotiating for better price and terms. If the market is cool, you may want to accept the offer as written. Your agent should be able to guide you in this decision making process by keeping his finger on the pulse of the local market.
3. Evaluate how many homes similar to yours are currently for sale. If there are many homes similar to yours for sale, your best bet might be to accept the offer because a buyer can easily substitute your house for another. But if you have a unique house for which substitution is not an option for the buyer, then you may be safe in holding out for a better offer.
4. Determine the market condition. If homes are not selling well, you might want to accept the offer rather than continue to wait for the market to improve. I'd look at sales over the last month or two before making a decision on market condition.
5. Is the offer competitive? Determine how the offer compares to the selling price for similar homes in your neighborhood. If it is about the same, then accept it; you may not do any better by waiting.
6. Is this the only buyer? Ask your real estate agent if there are any other parties that have expressed an interest in buying your house. If not, you need to give the offer very serious consideration. But if other buyers may still be waiting in the wings, request that your agent contact them to determine if they want to make an offer soon.
The answers to these six questions will help you determine if an offer is worthy of acceptance, countering or outright rejection. Ultimately, it's your decision as the seller but getting the facts before making the decision is where a real estate agent can be worth his weight in gold -- your gold.
For more information about the Tampa Bay real estate market, visit my website at www.TheStPeteRealEstateSite.com.
Wow! An offer! You've been waiting for weeks, maybe months, to hear those words.
So, the agent comes over and reads you the offer.
Okay, so it's not your asking price. And so the buyer wants you to fix a bunch of things. And so the terms are not quite what you were hoping for. And so the closing is not as soon as you want.
So what. It's an offer! A rare thing these days.
The questions is, now what do you do?
I suggest there are six criteria you want to use when evaluating an offer ... and here they are.
1. Carefully evaluate the merits of the offer versus your motivation in selling. Ask yourself why you wanted to sell in the first place and if the offer will allow you to reach the goals you set when you decided to sell. If so, take it.
2. Carefully review with your agent your list price and the local market conditions. If the market is hot, you may be safe in rejecting the offer or negotiating for better price and terms. If the market is cool, you may want to accept the offer as written. Your agent should be able to guide you in this decision making process by keeping his finger on the pulse of the local market.
3. Evaluate how many homes similar to yours are currently for sale. If there are many homes similar to yours for sale, your best bet might be to accept the offer because a buyer can easily substitute your house for another. But if you have a unique house for which substitution is not an option for the buyer, then you may be safe in holding out for a better offer.
4. Determine the market condition. If homes are not selling well, you might want to accept the offer rather than continue to wait for the market to improve. I'd look at sales over the last month or two before making a decision on market condition.
5. Is the offer competitive? Determine how the offer compares to the selling price for similar homes in your neighborhood. If it is about the same, then accept it; you may not do any better by waiting.
6. Is this the only buyer? Ask your real estate agent if there are any other parties that have expressed an interest in buying your house. If not, you need to give the offer very serious consideration. But if other buyers may still be waiting in the wings, request that your agent contact them to determine if they want to make an offer soon.
The answers to these six questions will help you determine if an offer is worthy of acceptance, countering or outright rejection. Ultimately, it's your decision as the seller but getting the facts before making the decision is where a real estate agent can be worth his weight in gold -- your gold.
For more information about the Tampa Bay real estate market, visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 10:11 AM
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