subject: Someone Has Made An Offer On Your House, Now What? [print this page] Do you remember the first time you rode on one of those crazy amusement park rides that whip you and flip you all over the place? For many people, the first time they sell a house can be a little like that experience; exhilaration, nausea, excitement and stress, all rolled up in one experience! When someone makes an offer on your house, thats one of the adrenalin-inducing moments
From making the decision to put your house on the market all the way through to signing those final papers, handing over the keys and moving out of your house you are probably going to go through a few emotional highs and lows, maybe even shed a few tears and share a few laughs. Having the right person to guide you through the complexities of selling your house is crucial; an experienced realtor will offer valuable advice and indispensible information to help you achieve your goals.
You might be flabbergasted, even personally insulted if you receive a lowball offer one that is far below your asking price (and usually below fair market value of your property), but you shouldnt take it personally. This tactic isnt uncommon; some real estate investors do this to fish for folks who are desperate for a sale and willing to accept less money to get one.
If you arent in a tight situation you can simply ignore a lowball offer, or make a reasonable counter-offer to see if the prospects are seriously interested in your home or just seriously interested in a deal.
You should certainly ask your realtor to show you several comparables; properties in your area of a similar size, condition and age as yours that have recently sold (or are for sale) so that you can determine whether or not the price YOU had in mind is a realistic one. If your house sits on the market for a long time because of incorrect pricing it may end up costing you more than if youd priced it properly to start. Pricing real estate is part art and part science, your realtor is practiced at it listen to him or her!
The ideal situation is to be selling your house in a hot real estate market, where multiple offers and bidding wars can drive the price of your house beyond what you are asking for. If you are in this enviable position and receive multiple offers on your house, your realtor may advise you that the best prospect is not always the highest offer. You should look for a prospective buyer who has already been pre-approved for a mortgage or can pay cash for your house, will let you choose the closing date and if their offer is condition-free, they might be the right buyer for your house, even if they offer a little less than another buyer who attaches a bunch of conditions to the sale.
Selling your first house is complicated and almost always stressful, but with the help and guidance of an experienced realtor you can negotiate the offers on your house and complete the transaction your first real estate sale!
