The Offer Comes!
Kathy Riggs July 12th, 2009
Welcome back after a week away from our seller’s journey. If you have been following this trip, you know the seller finally has his house on the market and buyers have been looking. Remember every market is different and the days on market (DOM in Realtor jargon) will vary in each location.
However, if the house has had a good number of showings within a reasonable time and no offer is placed, it might be time for a meeting with your Realtor to discuss reactions from buyers. As a seller you must remain emotionally detached from your house and remember to regard it as a product. It is your Realtor’s job to help you present your house in the best possible light and give you an honest picture of the market.
When the day finally arrives and your Realtor calls with an offer don’t be offended if the offer presented might be fifteen percent below your list price! Don’t take it personally. Naturally the buyer is trying to get the best deal possible and the seller wants full list price – that’s the way the world works. Unless your house is in a highly desirable location and the market is hot, it’s unlikely you will be flooded with offers at list price.
Also, unless the offer is so low the buyer does not appear to be serious, let your Realtor present the offer in person so you can ask questions and be completely comfortable with your response. You can always make a counter…most of the time the buyer is expecting one. Remember acceptance of the offer must mirror the offer. In other words, you must accept all terms – closing costs, closing date etc. Each aspect can be negotiated. And with financial terms being the most significant, ask your Realtor about counter offers that will be satisfactory for you and the buyer.
There is one thing to be cautious about – inspections. Make sure you have the financial flexibility to address any concerns that may arise during the home inspection. We’ll talk about inspections next week.
After the negotiations are complete and the offer is signed by both parties it becomes a legally binding contract and is step one to the closing table.
On the Lighter Side…
By the time you pay for a house in the suburbs, it isn’t.
SHAMELESS PLUG
Looking for some rental properties? Call me at 252-939-2432 or email me at kriggs@kathyriggs.com
and let me show you some listings ready for tenants.
- Real Estate News
- Comments(0)