FAQ: What is involved in responding to an offer?

By
Real Estate Agent with Compass CA DRE# 01215160

Frequently asked seller question: What is involved in responding to an offer?

My answerWhen an offer is received, I like to review it first, ask buyers' agent any questions about terms that might be unclear to me. I call the lender if one is involved, trying to ascertain the solidness of the buyer's financing. I check to see if buyers have submitted proof of funds to close. What additional documents have they submitted? I then telephone you, the seller, and go over the terms of the offer. I send you the purchase offer yourself for you to thoroughly read. I share my thoughts about what might make it a good offer, or what might need improvement, etc. You can decide if the offer meets your needs and if so accept it. Or, you can direct me to write a counter offer, countering terms or price. Rarely do I suggest you outright decline an offer. The decision is always yours, however.

I am always happy when sellers ask questions of this nature. It means they are paying attention. An educated seller is a happy seller. 

 

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Rainmaker
3,318,586
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Good advice..often the first offer is the best offer...working with it rather than rejecting it can be rewarding!

Nov 07, 2018 08:34 PM #1
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I agree, Sally K. & David L. Hanson - the first offer is often the best; countering when appropriate is better than rejecting. I also tell sellers that they shouldn't be offended by any offer; in my experience, offense is not intended.

Nov 07, 2018 08:39 PM #2
Rainmaker
3,476,802
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Lottie - it's smart to properly establish the expectations of the offer process with your sellers.  No surprises!

Nov 08, 2018 01:59 AM #3
Rainmaker
4,432,533
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home sellers will read this post and learn from it 

Nov 08, 2018 03:45 AM #4
Rainmaker
3,277,714
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Lottie... something I've always said... there is nothing better than an educted seller or an educated buyer!

Nov 08, 2018 03:46 AM #5
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Michael Jacobs - knowing what to expect helps keep stress at a minimum for our sellers (and buyers.) 

 

Nov 08, 2018 08:24 AM #6
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Good morning, Gita Bantwal - I go over this in person with my sellers, but hopefully others can benefit from this kind of information, too.

Nov 08, 2018 08:25 AM #7
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hello Nina Hollander - I enjoy the educative nature of my job, and really appreciate it when I have a receptive seller or buyer. Knowledge is a great way to help reduce stress.

Nov 08, 2018 08:27 AM #8
Rainmaker
4,207,166
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lottie, you are an excellent REALTOR, and do whats best for your Sellers!  

Nov 08, 2018 04:42 PM #9
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Joan Cox - thank you! I do take my fiduciary duty to my client seriously. Explaining and educating them is part of that duty. I love it when they are receptive and want to learn.

Nov 08, 2018 07:33 PM #10
Ambassador
3,508,709
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

This is exactly what we do, Lottie - if we're worth our salt, right?! Teaching is second nature to me and like you, I feel it's imperative to educate, educate, educate! It not only takes away the stress but, makes for a much smoother transaction.

Happy Friday!

Nov 09, 2018 08:12 AM #11
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

And a Happy Friday to you, Debe Maxwell, CRS Everyone benefits from a smooth transaction, and education can help achieve that.

Nov 09, 2018 08:20 AM #12
Rainmaker
2,190,577
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

When I receive an offer, the first thing I think (if I do not know the agent and even then sometimes if I do) is what are they trying to pull?

Often they have an agenda, and I need to make sure there are no red flags. I analyze everything about the offer, from the number on their check to the dollar amount of their earnest money deposit to what is missing about their loan, whether the lender is local or I know the MLO, etc.

My market is probably a bit rougher than yours in San Francisco, Lottie.

Nov 09, 2018 09:50 AM #13
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Lots of details we check, right Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents ? I believe our market is not dissimilar to yours; it has slowed a lot - don't know if that will reverse itself now that the election is over or not.  The possibility of Prop 10 passing (hurrah, it didn't) stopped investors in their tracks.

Nov 09, 2018 10:05 AM #14
Rainmaker
3,262,380
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lottie I do the same so with that said awesome post and if everyone did it this way all transactions would be much smoother, Endre

Nov 10, 2018 10:52 PM #15
Rainmaker
1,836,790
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Endre Barath, Jr. - we can't help manage expectations if our clients have no idea what to expect. Talking up front and throughout the process helps immensely. Here's to smooth transactions and relaxed clients!

Nov 11, 2018 08:54 AM #16
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Rainmaker
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Lottie Kendall

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