More money is always better, except it isn’t always that easy with real estate contracts. A larger offer may ask you to pay some closing costs, or repairs. There’s a lot that can go wrong in contracts and a lot of negotiating that can take place. It’s not always crystal clear what offer is the best one for you. Here’s some tips to keep in mind when choosing an offer.
Understand the process. – All offers are negotiable. You don’t have to accept the first offer you receive and rejecting it isn’t your only other option. You can modify or make a counteroffer to the buyers.
Set Goals – What is important to you? What do you want out of this sale? If cost is the most important thing to you, then being flexible on the closing date may be a requirement. If time is of the essence then you may require a pre-qualified or cash buyer so you don’t have to take a contingency or risk the deal falling apart if the buyer can’t get a mortgage.
Create a Process – Decide on a time frame for which buyers must submit offers, especially if you think your home will get multiple offers. That will give you time to review the offers and make an educated decision about what is best for you.
Keep Your Emotions in Check – It’s easy to get wrapped up in your home, but it’s important to stop thinking about it personally. This is a business transaction and the buyer is trying to get a good deal, not insult you. Remember there are negotiation tactics, and you should reply in kind. Listen to the criticism, and take it with a grain of salt.
Review Every Item – Be sure you check the terms of each offer. Watch what fixtures are being listed (window treatments, appliances, etc.). Is the amount of earnest money sufficient to keep the buyer from walking away if a problem arises? Is there a contingency? Are you being asked to cover any closing costs? Some of these may affect your bottom line, so be sure each item is something you can live with.
Be Creative – You’ll want to negotiate, so be sure to do your homework. Find out what’s important to the buyer and focus on that to make sure you get what you want as well. The key to success is remaining flexible.
It’s important to make sure to review your offers with an experienced real estate expert to make sure you don’t miss something important. For more information on what to watch out for, call Helen today at 847.967.0022 or email email@example.com.