When selling a home there are many tasks that must be completed by the home owner in order to make that sell. Not only do you have to make the house presentable, but you also have to be able to leave your home during a showing and keep the house at show room cleanliness. One of the tasks that sometimes confuses the busy home seller is how to respond to offers when someone is interested in the property.
When you review an offer for your home there are some things you need to know about before you jump on that first offer. A buyer will give you a numerical figure they want to pay for your home. They will also include a list of ‘wants’ that they want you to fix or provide as a condition of the sale. The buyer may want a number of things fixed or repaired. During the housing inspection, the inspector will list all of the items that need repair or replacing and the buyer will go with that list to dictate what they want fixed and what they are willing to live with. Look at the money offer and the want list, but do not make a decision right there. Unless you are desperate, make a counter offer.
When you review the offer, look carefully at the repair or replace list. If the potential buyer has major repairs on the list that could take time, then you might want to counter offer by lowering your price a little and taking off a few of the repairs to make it an ‘as is’ agreement. If you can fix something on the list quickly and without too much expense, fix it. Let the big ticket and the long term repair items be the points for haggling.
You might get several counter offers for your house or property. Each time give a little and reduce the price a bit until an agreement is made. Other points of reviewing and offer might be closing costs, realtor fees, or the exchange of major appliances or large ticket items in your yard such as a hot tub or a gazebo.
Following these few home offer tips will allow you to be in control of what you want for your house. The housing market may change these tactics if you are in danger of losing your mortgage or the market is just too low for your area. Most realtors will be able to help you decide on the best offer for your house because they know the market better than most and that is how they make their living.