Your ME agent can walk you through the process
Your ME agent can walk you through the process and will present you every offer that’s submitted. The buyer’s agent may be there too. He or she represents the buyer’s best interest in the negotiation. The buyer will likely not be there, so you can review and respond to their offer without any awkward pressure. Your eyes will be immediately drawn to the price! Here’s where emotions can really kick in. This isn’t a poker match, but remain calm. Your ME agent can provide advice before any judgments are made.
Discuss the offer
You may want to ask your ME agent for advice on the merits of the offer. Maybe it’s time for a high-five, or maybe it’s time to plan your counter offer. You may also wish some private time to discuss things with your partner.
Receive An Offer
Three options when responding to an offer
You can accept the offer
You got the price you were hoping for, maybe even more! The closing date looks good and there are no fussy conditions. Sold!
You can reject the offer
This offer isn’t even close.
You can “sign back” the offer
This offer is close, but something’s not quite right. Now the delicate art of negotiation begins, by “signing back”. Receive An Offer
Receive An Offer
Reasons why you may want to “sign back”
You want more money
This is by far the most common reason people “sign back”. Everybody wants to get the most for their home, and as the saying goes “if you don’t ask, you don’t get”. Go for it, but don’t get too greedy and insult someone who has made a fair offer. Receive An Offer
You want to change the closing date
Maybe your buyer wants to move in sooner than you’d like. Maybe you haven’t even started looking for a new home! You can “sign back” a compromise closing date. Perhaps the buyer will compensate you for the inconvenience of living in a motel for a few weeks. Receive An Offer
Receive An Offer
There may be some undesirable conditions on the offer
Conditions are points of contention that must be fulfilled in order for the sale to go through. Here are some common ones. Receive An Offer
Buyer to obtain financing
If the buyer doesn’t have a mortgage lined up, he or she will often put in this condition. The sale will only go through if the buyer can get the mortgage he or she wants.
Approval to assume mortgage
You have a great mortgage rate on the property and the buyer only wants your home if he or she can also take over your easy payments. Receive An Offer
Sale of purchaser’s home
The buyer hasn’t sold their existing home yet and he or she wants to be protected from the expense of owning two properties. You might want to ask their agent about the other home and its odds of selling soon. Receive An Offer
This condition is becoming standard practice. Refusing a home inspection before sale is highly suspicious to a buyer, and may spoil the deal. Receive An Offer
The art of counter-offers and negotiation
Successful negotiation is one that leaves both you and the buyer feeling satisfied with the outcome. This is a highly emotional time, so be sure to regularly “check your head,” and ask yourself “How important is this particular detail to me? Am I willing to jeopardize a sale over this?” Remember once you “sign back” an offer, you are releasing the buyer from their offer and he or she is free to walk away. Your ME agent can help you every step of the way so you don’t end up doing something you may regret later. Receive An Offer