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.
So 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 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.
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?
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?