Now comes the tricky part - offers and negotiations.
Congratulations! We're so glad to hear that the Showing Phase went well with your WeVett Agent and people are interested in your home! The next step comes once a potential buyer (or buyers) submits an offer. Since an offer is made via a Contract to Purchase, we highly recommend you check out the WeVett Contract Series. Our WeVett Educator, Sam, will help you understand the basics of a typical contract. Because real estate contracts vary widely by state, your WeVett Agent will be a phenomenal asset for answering all the questions pertaining to the details of your specific contract. Regardless of location though, all contracts will include three important parts: Price, Timing and Other Concessions.
Price Price is naturally the first factor that most people consider in a real estate sale. Remember though, there are many items that get deducted from the purchase price of a property, such as closing costs, taxes and other items that the Buyer might request. Because of these deductions, a high sale’s price does not necessarily mean you will receive that same amount of money at closing.
Timing While price is a major consideration, timing is often of equal importance. In some instances, especially if you must move quickly, a lower priced offer with a faster closing timeline might be more appealing. Likewise, if you are not in a rush to move or are still looking for a new home to move in to, then an offer with a later closing date might be preferable.
Other Concessions Outside of price and timing there are other potential factors to consider in your contract. Such as, do the Buyers want you to leave all the appliances? Are they asking you to fix that broken shed out back or remove those dead trees next to the house? Make sure to pay attention to requests that do not have a clear price tag associated with them, and if possible, assign them a price so that you can make an informed decision. Once you receive and review the offers presented, as the Seller, you can choose to accept, reject, or counter the offer. By balancing Price, Time and Other Concessions you will be able to decide which offer is the right one for you. Let the negotiations begin!
Disclaimer: The information contained and the opinions expressed in this article are not intended to be construed as investment advice. You should always conduct your own research, due diligence and obtain professional advice before making any investment decision. WeVett, LLC & its members will not be liable for any loss or damage caused by your reliance on information or opinions contained herein.