Receiving and Negotiating Offers
When a potential buyer prepares an offer, Donna will be advised by their agent and then will present the offer to you. She will go through the details of the offer with you and discuss the pros and cons. After reviewing the offer, you have a couple of options, which are:
- Accept the offer “as is”
- Reject the offer
- Make changes (for example, to the selling price, contingencies, or closing date) and send it back to the buyer to see if they will accept your changes. In turn, the buyer then may accept your changes, reject it or come back with a counter-offer.
This process continues until a deal is agreed upon or negotiations are terminated. If you come to an agreement with the buyer, a final written contract stating all conditions of the sale will be signed by both parties. Additionally, a deposit – also called earnest money – will be collected from the buyer.
After the purchase contract is finalized, most of the hard work is over for you. Now, the majority of activity will be on the buyer’s side. They are responsible for finalizing their financing and arranging for a home inspection. The closing attorney also is busy researching the home’s title and preparing all the paperwork for closing.