Hooray! Someone has made an offer on your home for sale. Now what?
When an interested buyer makes an offer, the buyer’s agent and the seller’s agent will sit down and review the offer together. In most cases, the buyer and seller are not present and your agent will present the offer to you later on.
Here are some things you will discuss with your realtor when you receive an offer
- Price: Prospective buyers consider many factors when choosing an offer price, including the home’s condition, their own needs and motivation, multiple offers, and market conditions. If you are not happy with the price in your first offer, your realtor can help you decide on alternate courses of action. Of course, every offer should be carefully considered, as the chance of getting a desirable price for your listing lower with time on the market.
- Conditions: Most offers have conditions attached to them, and your realtor will help you understand these conditions as they appear. Common examples are Conditional Upon Home Inspection and Conditional Upon Financing.
- Home Inspection: Many buyers and their agents are insistent upon a home inspection to protect their interests. Don’t let this worry you, all homes have minor flaws and any small maintenance issues that arise during the inspection are not grounds for renegotiation. If major issues are discovered, your realtor will help you manage the situation.
- Extras: Sometimes buyers ask for certain extras to be included in the sale of your home such as furniture and appliances. Depending on the price you’ve been offered, you may be willing to include or negotiate these items.
- Disclosures: Although you will have already completed a Seller Property Information Statement before you received the offer, outlining any material defects present in your home, it is imperative that these issues are disclosed if they are known to you. You and your realtor can go over this step again during the offer presentation.
- Deposits: If all goes well and you are planning to accept the offer, the buyers will be placing a deposit to confirm their intent to purchase the home. Your realtor will guide you in understanding how much this deposit should be, given your home, price, and the specific offer.