After upgrades, open houses, and a lot of time spent keeping things spotless, you've got an offer on your home. Congratulations! But before you crack open the champagne, keep in mind that there's a lot to consider before you sign on the dotted line. You want negotiate the best deal you can get, ensuring the offer is transparent, trouble-free, and in line with your real estate goals.
Price is one thing, but it's not the only thing
When you receive an offer on your home, your first reaction will probably have you focusing on the price. Just remember that on top of the price, the potential buyer has probably written in a number of other conditions into their offer. They might have asked for your appliances, drapes, shower curtains, and even that cute little garden gnome in your front yard. The key is to look at everything, not just the price.
Understand exactly what's in the offer
It's not uncommon for potential buyers to include things like chandeliers or curtains in their offer, but make sure to look out for any special contingencies they've requested - especially ones that can cost you extra money. They may have requested that you re-shingle your roof, fix a crack in the driveway, or replace a piece of old carpet. If the buyer wants it, they can ask for it.
Be aware of contingencies that could affect the sale
Perhaps most importantly, look for any special conditions where the buyer needs a loan approval or must sell their own home before they can purchase your property. These kinds of conditions can create obstacles to the final sale of your home down the road.
Get advice from your real estate agent
Your real estate agent can help you review the offer and decide what should be accepted, rejected or negotiated. Remember that any offer can be modified and presented as a counter-offer, but you also need to manage the risk of having the buyer walk away. Your real estate agent can help you decide the best negotiation strategy.