The 'Threes' For Sellers When An Offer Is In

          Good things come in threes, right? (Right!)

          When an offer comes in, here are 3 things for sellers TO do:

• GET TRANSPARENT. Work with your broker to eliminate surprises. For instance, if considering carryback financing, learn the employment/credit history of the prospectives; explore fees/procedures involved with a default. Update the CMA to know the likely appraised value range. Determine fees/costs associated with the sale. (ask closing agent for a pre-HUD) Discuss buyer's due diligence items and how to approach any disapproval. Explore alternatives/counter offer points. Contact decision makers ASAP. And find access to a local notary/fax machine/computer access NOW. You will need those things during a transaction and in most cases, snail mail is too slow!
  
  
• COMMIT to working the offer through as far as it will go. I've seen deals 'fly' that began so far apart in terms that the parties seemed to speak different languages. Terms can change. Facts can come to light that makes an unworkable deal workable after all (and vice versa). Offers don't always reveal the buyer's bottom line. It is not often easy to structure a real estate contract. That is why we earn our worth--finding the way for all parties to win! Every offer you categorically reject is in essence a missed opportunity.
  
  
• STAY in the moment! What happened last week, last month or 4 years ago is immaterial; dwelling on previous experiences good-bad-otherwise won't help you and can disadvantage you.

          When an offer comes in, here are 3 things for sellers NOT to do:

• DON'T ASSUME that one offer will mean 'the market has turned' and more will be coming. There is NEVER a guarantee of that. If your broker had a crystal ball, she'd be slurpin' Scorpions on the beach with a bankroll full of lottery winnings! There is a lot of inventory. Make your property one of the ones that sold.
  
  
• DON'T TAKE TOO LONG to respond to an offer. Time is of the essence! Buyers may NOT think your house is THE ONLY ONE for them; in fact, it may be one on a long list of possibles. Make a good faith effort early in the process and it will often reward you with a smooth process! If you are going on vacation or know you will be incommunicado, let your broker know, so he/she can advise other parties and buy you time.
  
  
• DON'T KILL the messenger. Your broker is not the enemy. Neither is the buyer or their agent. This is a buyer's market in a lot of areas; you will get offers that you find disappointing to insulting, but they are NOT PERSONAL. If you need a time out to decompress, take one. But don't tie your broker's hands in the meanwhile. Let your broker do his/her job which is to negotiate on your behalf and get you the best deal available NOW.
  
  (There are many more and your broker can fill you in. But these are a good start. Now let's sell your house!

          Now that we're all working together, it's time for a CONGA LINE!  ;) (Thank you Miss Mary and Annananna, for no one congas alone--it is a group effort!)

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Candice A. Donofrio, Owner/Designated Broker

Certified Commercial Sales Specialist

 

ALL WORDS AND IMAGES ARE INTELLECTUAL PROPERTY OF CANDICE A DONOFRIO AND NEXT WAVE REAL ESTATE INVESTMENTS AND MAY NOT BE USED WITHOUT PERMISSION. C.2010-2011

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