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How
much is my
home worth?
To find out your
current home’s value, contact Long & Foster for a free Market
Value Analysis.
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How much should
I ask for it?
View the asking price to the final sales price ratio.
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What's the best way to negotiate when a buyer makes an offer?
When you receive a signed offer through either your listing agent, seller's agent or a buyer's agent, you discuss the terms and buyer's qualifications with your agent.
Every seller has three basic options when presented with
an offer. You can either accept or reject what's offered, or you can make a written counter offer as soon as possible.
You will want to keep the house on the market. Until you sign, buyers can always withdraw an offer if they suffer an ailment called "buyer's remorse." Be sure to reply immediately because buyers are in the mood to buy when they make an offer. But moods change.
Either your agent, a seller's agent, or a buyer's agent will have the information you need to determine whether the buyer is qualified to buy your house. Remember the first contract received often turns out to be the best. Experience shows the first 30 days on the market are critical because a backlog of buyers offen exists. These buyers have been looking and waiting for a house just like yours. Overpricing misses out on this buyer backlog, and so does turning down good offers in the early days in the hopes of doing better later.
Negotiating the sale price and terms sometimes means walking a tightrope between the highest price the buyer is willing to pay and the lowest price you can accept. Arriving at an agreement may take patience, psychology, flexibility and intuition. Keep the dialogue going until you agree on price and terms. Remember sometimes a low offer can be turned into just what you are looking for.
Rely on your agent, who is in a unique position to help negotiations along, since your agent knows your situation. Your agent is professionally trained to find a meeting of the minds where everybody wins. After all, everyone has the same goal: you want to sell, the buyer wants to buy and your agent wants to close the transaction.
Your signed acceptance of a written offer becomes your sales contract. Except for removing any contingencies, this document is the binding basis for the sale. Contingencies are typically used to smooth
acceptance of a contract without delaying the buying decision. Most contracts are contingent upon financing. This is for your protection as well as the buyer's, because you don't want to be tied to a buyer who can't deliver.
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