What to Do When I Start Receiving Offers on My Home?

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Congratulations! You’ve received the first offer on your house. Now it’s time to party, but it’s also time to get some work done to ensure you have a smooth contract moving forward. 

Just like any other part of the real estate process, receiving offers on your home can be overwhelming, complicated, and stressful. That’s why it’s critical to work with an experienced and trusted real estate agent who will help you get the best deal possible with little to no hassle. So here’s everything that will happen once you start receiving offers.

Negotiating your offer

Once you get a viable offer on your house, that’s when negotiations begin. It’s time for both parties involved to make their case. Just like you and your realtor will want to get the best possible deal, your buyer and their agent will do the same. So, take your time to consider the buyer’s offer and consult your agent on every detail until you come to a successful contract for both parties.

If none of the initial offers meet your expectations or requirements, you have the option to negotiate or counteroffer. Work with your agent to determine an appropriate counteroffer strategy. Keep in mind that negotiations may involve price adjustments, contingencies, or other terms of the sale.

Vetting process

Another reason why you should opt to work with an experienced real estate agent is that we vet each of your potential buyers. At Soukup Real Estate, we vet each buyer, no matter if they’re a financed offer or cash buyer. We assess the financial aspects of each offer, such as the purchase price, down payment, financing type, and contingencies related to financing. Consider whether the offer aligns with your asking price, your financial goals, and any specific requirements you may have or desire.

Just like you will be going under contract with a buyer, you’re also going under contract with that lender and the buyer’s agent. That’s why if it’s a financed buyer, we’re going to talk to the lender and check if they’re a vetted and respected lender who has the ability to close on time. We’re also going to check if this buyer is pre-qualified or pre-approved. We will check if the buyer’s agent has a good reputation and will provide a positive and smooth process with good communication.

Handling mutliple offers

If you’re lucky enough to receive multiple offers on your home, then we will help you assess each one of them. We would ask for an offer deadline that would allow buyers to get through the house, change their plans, get in a couple of times, and understand how much they’re willing to offer on this home.

We will put all those offers in a spreadsheet and compare them side by side with you. The price is not the only deciding factor when selling a home. It’s also important to consider the terms, such as contract timeline, assess the contingencies and whether there are homes that need to be sold for the buyer to qualify, full inspections versus limited inspection and appraisal contingencies as well. Additionally. we will consider factors such as the proposed closing date, deposit amount, and any unique requests or concessions made by the buyer.

If you find that there are several strong offers, you can choose to counter a particular buyer or discuss with the top 2-3 offers to bring back their “highest and best”. This approach can create competition among the buyers and potentially drive up the price or improve the terms of the offers.

After careful consideration and weighing all the factors, make a decision on the offer that best aligns with your priorities and goals. Accept the offer that you believe is the strongest and most favorable to you as the seller. Once you have accepted an offer, promptly notify all parties involved, including the buyer, their agent, and the other agents as well. This ensures everyone is aware of the decision and can proceed with the necessary steps to move the transaction forward.

So there you have it. That’s everything you can expect once you start receiving offers on your home. Your real estate agent is your biggest support in this part of the process, so make sure you find someone who has the knowledge and the expertise to help you sell your home for top dollar and not get overwhelmed by the entire process. Remember selling a home can be a complex process, so having professional guidance and support is essential, If you need any help, feel free to reach out to our team at Soukup Real Estate.

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