Taking Offers on Your Home

Buyers should  present their offer formally with a contract of purchase and sale. These documents can be obtained from the buyers or sellers agent, lawyer, or notary. Private sellers should obtain these documents  to have copies on hand should the buyer not present one, and to become familiar with a typical real estate purchase and sale contract. These can be obtained easily online at Socrates Real Estate Products .

The purchase and sale document forms the offer. Upon your signed acceptance, the offer will become a binding contract. Buyers will present their offering price with a deposit. Also included in the offer are their conditions and/or subjects. The details of these conditions will be negotiated between the buyer and seller.

Offers should be considered for more than just the offer price set by the buyer. Buyers with pre-approved financing, a favorable closing date, a larger deposit, or any simple or convenient conditions or subjects may be the better offer to accept than another offer at the same price or higher.

Offers contingent on the sale of the buyers home, or obtaining financing, a closing date that is not convenient for when the seller would like to move, or a small deposit, may make an offer unacceptable and declining the offer may be your best decision. For instance, a small deposit combined with contingencies on obtain financing may be a sign of buyer that cannot afford your home.

Pay close attention to all conditions or subjects in an offer. Be prepared to make counter offers that, either, make the conditions more favorable to you, or raise the price to compensate you for any inconvenience those conditions impose.

If you have multiple buyers interested in your property allow sufficient time for other parties to make an offer before you accept and sign an offer. Notify the other interested parties after you have received an offer. There is no need to tell them the particulars of existing offers. You are simply making them aware an offer has been tendered and if they would like to make an offer they should do so before it is too late. Typically you should take up to 3 days to review an offer. There is no need to make the buyer wait for weeks, particularly if you are waiting for better offers. Accept, counter, or decline the offer within a reasonable time frame. Once signed, the contract will bind you to the sale even if a better offer comes late to the table.

More on Negotiating a Real Estate Deal

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