Sellers, Getting Prepared for an Offer

By
Real Estate Agent with Solutions Real Estate CA DRE #01490977

Sellers, Getting Prepared for an Offer

 

Getting the offer on your home is a most welcome first step in what, hopefully, becomes a successful transaction. After all, that’s what you have been getting prepared for, and without it no progress toward your goal can be made.

 

Communicating with your agent BEFORE you get an offer is usefulSo how do you really get prepared for that offer? It’s not just about sitting and waiting but being armed and ready to review it and respond accordingly.

 

The REALTOR you hired to sell your home plays a key role in your preparation for the offer and responding as appropriate.

 

Here’s are some ways to get prepared:

 

Review a sample of the offer paperwork to get preparedREVIEW THE CMA (Comparative Market Analysis)

 

Presumably one was done and you didn’t just pick a dollar figure out of

your hat. You should refresh your memory about the data and have a discussion with your agent. If it has been some time since the home was listed and the CMA was done, it should be updated (particularly important in today’s market where the market conditions are shifting).

 

REVIEW THE STANDARD OFFER PAPERWORK

 

As a seller you should have received a sample copy of the standard offer paper work (it varies from state to state). You should review this so you know what to expect before the actual offer arrives and ask your REALTOR any questions. There are key things to look for – price, time for closing, buyer and seller costs, financing terms, time frames and more.

 

The offer is NOT just about price!CONSIDER IMPORTANT TERMS AND CONDITIONS

 

While price no doubt is key, think about other terms and conditions that are important to you, since an offer is not just about price. The date of closing may be one. How quickly can you move, realistically? Is this something you are willing to negotiate for the right offer?  How much deposit would you like to see? What if the buyer asks for appliances that are not supposed to be included by prior arrangement?

 

Are YOU in the right frame of mind?GET IN THE RIGHT FRAME OF MIND

 

Be prepared, at least in some markets, for an offer that is less than asking. Be glad to have an offer to negotiate and NOT unhappy that it is not the amount you want. Don’t be upset at the buyer for making an offer.  You should be more upset at those who did not! It’s hard to not get emotional about the phase of the transaction but emotions will cloud your thinking. Your agent is there to help you focus on the important issues – price, terms and conditions. In other markets (ask your agent) you might expect multiple offers, so how are you going to deal with that?

 

Just a few things to get you ready for that offer, or offers, coming your way.

 

Are YOU prepared?

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Topic:
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California San Diego County Carlsbad
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SAN DIEGO Real Estate Agents & Loan Officers
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Advice for Sellers
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Rainmaker
1,124,544
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Jeff - Great advice and tips for sellers when getting prepared to review and respond to an offer!

Jan 25, 2013 08:25 AM #1
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Too funny but, I'm working on a similar post!  Our real estate commission requires that upon listing a home, we provide the sellers a sample copy of our OTP.  RARELY do the clients read it and when they receive an Offer, as we're reviewing it, I see 'blank' looks telling me that they didn't prepare!  The comps are given with their updates but, the standard Offers are so rare these days--seems every buyer comes at us with something wonky!  So, THAT we have trouble preparing for!  LOL

Jan 25, 2013 08:29 AM #2
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Thanks, Laura. You can't be too prepared these days.

Debe - great minds!! LOL. I think preparation is really key these days in particular to understand WHAT some of the issues are that are coming up. You're right, there are lots of odd things that can happen and being prepared for the possibilities and options makes sense.

Jeff

Jan 25, 2013 08:44 AM #3
Rainmaker
1,037,169
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

yes and your realtor will be sitting in your corner with their best advice at your ready

Jan 25, 2013 08:52 AM #4
Rainmaker
422,786
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Jeff - A good Realtor® is worth their weight in gold.  Listing a home isn't that hard.  Listing it properly takes experience.  Understanding a contract isn't that tough.  Understanding the nuances that aren't clearly spelled out in the contract needs to be left to a professional agent.

You see there is one thing that you won't find anywhere in those forms that you will try to complete without the help of an agent.  That thing is experience.

I made that mistake once a long time ago.  A purchase transaction without representation.  It ended up costing me 44,000 and a lot of stress.  Don't hire an agent for the obvious reasons, hire an agent for all of the things you couldn't even imagine you may need help with!

Jan 25, 2013 10:37 AM #5
Rainmaker
1,323,970
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
Jeff, great info for a seller to review...I just had the "take the emotion out" conversation with a potential listing...tough to do after almost 20 years in a home.
Jan 25, 2013 11:01 AM #6
Rainmaker
631,213
Nancy Conner
Olympia, WA
Olympia/Thurston County WA
Some wonderful advice for sellers! It really is helpful if they can think about these things BEFORE the offer arrives - the negotiation process will be smoother and less stressful.
Jan 25, 2013 12:41 PM #7
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Mark - that IS the goal, right? Especially important in this shifting market

Nevin - well said. It's not the obvious reasons but everything behind the scenes that is critical

Nick - it's a tough conversation, for sure, and really tough for many to do, even though they may try. I found it myself in selling my own homes multiple times - I know what you are SUPPOSED to do but doing it is another matter entirely.

Nancy - and these days offers are happening faster in many markets. I think sellers, especially if they haven;t sold before OR have been in their homes for a long time are not prepared for the reality of what has to take place.

Jeff

Jan 25, 2013 02:34 PM #8
Rainer
234,747
David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Hi Jeff - great post and advice to sellers. Easy to assume that since a home is listed for sale that sellers are "prepared" for an offer but this is not always the case. Regards Dave

Jan 25, 2013 07:33 PM #9
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

This ia a great post. One thing that I do not like is telling the seller that another agent says an offer is coming. Then, they get their hopes up, and that can be a bad thing!

Jan 25, 2013 11:05 PM #10
Rainmaker
1,084,377
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Jeff, another great post.  Preparation, meeting opportunity is the best way to have a successful transaction.

Jan 26, 2013 05:15 AM #11
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

David - thanls! I think there are many sellers who aren't really ready for the negotiation process, especially in this market

Melissa - oh I sure agree on that one. Been burned by jumping the gun one time and  learned my lesson. It's not an offer until it's in writing and in your hands ready to present.

Gary - agreed. Thanks for stopping by to comment.

Jeff

Jan 26, 2013 03:30 PM #12
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