Unfortunately, not all offers are created equally. Fortunately, your REALTOR® will be there to help you review all offers you receive and clarify the details of each contract.
Upon receipt of an offer, there are several considerations and negotiating nuances to understand before you accept. Our real estate sales professionals will:
- Clarify all elements of the offer including, the closing or possession date and any conditions that apply
- Help determine an appropriate response within the time frame required, either accepting or rejecting the offer or preparing a counter-offer
- Set a course of action for any counter-offer terms such as adjusting the offer price, inclusions and exclusions, the closing date, or removing conditions
- Manage all offers and any counter-offers, negotiating to get you the best possible deal
- Ensure you understand and agree to all of the offer terms before you provide acceptance
Get To Know The Terms
The primary factors influencing most offers will include the price that the potential buyer(s) is willing to pay, details about the offer (ex. closing date, inclusions, and exclusions) as well as any particular conditions (ex. financing and home inspection) that the buyer wishes to make part of the agreement. Offers can be “firm,” meaning that the buyer is willing to buy the home exactly as is, or, the offer can be “conditional,” specifying that the sale of the home will be based on satisfaction of certain conditions such as a home inspection, approval of financing, etc.
Review Every Detail
The potential buyer(s) may ask for certain items to be included with the purchase of the home, including appliances, draperies, chandeliers, etc. They may have even requested some renovations such as re-shingling the roof or repairing the driveway. Some potential buyers may have asked for either a short or extended closing date or, as previously mentioned, made their offer conditional on selling their current home prior to buying a new one. All these factors will play a significant role in the final offer.
An experienced Royal LePage Burloak Sales Representative will help you review all the details of an offer in order to decide whether to accept, reject or make a counteroffer.
Negotiating & Counteroffers
The best strategy to have throughout the negotiating process is determining when and how much you’re willing to compromise. In some cases, an offer you receive for your home may be lower than anticipated or include features of the home you had not originally planned to include in the sale. Take your time when reviewing the offer and consider whether the compromise is worth it. For example, “Is it worth losing a sale for a minor inclusion like a rug or drapery?” If the answer is no, don’t hesitate to give the potential buyer what they want.
If you do not feel happy or comfortable with someone’s offer, you should not be afraid to reject the offer altogether. Our team of professionals will guide you from start to finish.
Multiple Offers
In some real estate markets, sellers can receive multiple offers from several potential buyers. In this event don’t feel overwhelmed, instead view it as a positive outcome and take your time reviewing and comparing different offers to decide what price and conditions best suit you and your home. Things to look for that might be appealing to you when reviewing offers include pre-approved financing on the potential buyer’s part, the fact that the buyer has already sold their own home, and potential buyers have agreed to all of your terms without exception, etc. Throughout this entire process, your Royal LePage Burloak REALTOR® will review all offers with you and provide you with professional advice so that you can decide on the best outcome for you and your family.