Once your home is on the market, talk to your Realty Executives agent about your expectations for handling offer negotiations with prospective buyers. Before you receive your first offer, you should inform your agent of the lowest possible price you will consider, as well as preferred closing dates, minimum conditions, and any other items that may increase your leverage during negotiations. With a clear understanding of your point of view, your agent is fully prepared to sit down with representatives of potential buyers to discuss an acceptable offer.
Receiving An Offer
When an interested buyer’s agent has submitted an offer, your Realty Executives agent will walk you through the agreement, explaining the conditions and answering any questions you might have. In the offer, you will find a number of details including your name and the potential buyer’s name, description of property, irrevocable date, and conditions such as price, closing date, survey, and home inspection. Costs you need to pay are also listed, including agent commission, lawyer fees, outstanding taxes, and mortgage balance. Since some utilities and taxes are already paid, you will have extra financial flexibility.
Consulting A Lawyer
For additional advice, you can have a lawyer inspect the offer before you choose how to respond. Your lawyer will perform many duties that result in a much smoother home sale, from examining purchase agreements and mortgage transactions to preparing the transfer of title documents, communicating with the buyer’s lawyer, and ultimately closing the transaction. Financially, your lawyer will be responsible for paying appropriate commissions and any remaining claims against the property, arranging mortgage payments if necessary, and forwarding the balance of the sale to you. To keep you informed, your lawyer will provide you with a complete statement detailing every transaction.
Evaluating An Offer
Take the proactive step of calculating the lowest possible offer you would consider accepting ahead of time. When you receive an offer from a potential buyer, this ensures that the process of deciding how to respond is more straightforward because you and your Realty Executives agent are already well aware of your minimum price point. As your agent reviews the offer with you, you can consider the price the buyer is proposing, as well as any terms and conditions they have requested. Once you have closely examined the agreement, make sure you understand everything contained in the offer by asking your agent to clarify any issues you might have. There’s no such thing as a dumb question, especially when it comes to a major life decision like selling your home.
Accepting An Offer
After you have combed through the buyer’s offer and your agent has answered all your questions, it’s time to make a decision. If you are totally satisfied with the terms and conditions laid out in the agreement, you can accept the offer and move on to the next step in the process. To finalize the deal, the buyer will pay a deposit, which is held and applied to the commissions owed once the transaction is complete.