After writing the post, Buying a Home: The 3 Do’s of Putting in an Offer, I couldn’t ignore those of you who are selling your homes and give some tips on how to respond to these offers…. Hence, this post – The 3 Do’s of Responding to an Offer.
1. Do stay objective. This is crucial and also very hard to do. If you can do anything, don’t let your emotions overtake you and guide your response to the offer. Your real estate agent can help with this because s/he will be objective no matter what as s/he deals with buyers, sellers and the offer process, day in and day out. Being level-headed and approaching this as a business transaction will ultimately help you make more prudent, rational decisions.
2. Do assess the state of the current market. This goes hand in hand with Do #1 and will help you stay objective. Instead of focusing on what you “need to get” or “should get” for your house based on what you put into it or the price for which your neighbor’s house sold, look at the comparative solds, pendings and actives on the market. This information will truly give you insight into what your home is worth from an objective market perspective.
3. Do respond to the initial offer. You never know where the buyer will go both from a price and terms (i.e., close date and contingencies) perspective. If his initial offer was low, remember that it’s just a starting point, and he may still surprise you. Furthermore you can communicate your mindset/reaction to the offer with your counter, and see how he responds. But shutting down and refusing to come back with any kind of counter certainly won’t get your home sold – which, let’s not forget, is hand’s down your primary objective.
Have you been a home seller and faced this kind of scenario? If so, what do’s and don’ts did you follow? Were they effective and did they result in achieving your ultimate goal of selling your home? I can’t wait to hear….
For more information on this or about the real estate market in Weston, Wellesley, Wayland and the surrounding towns or if you are considering selling your home, please contact me, Lisa Curlett (www.lisacurlett.com, 781-267-2844 or lisa.curlett@compass.com), to answer any questions or for a complimentary home appraisal.