If you work with a real estate agent, you will get used to that feeling of dread and excitement as you hear from your agent. Someone just reached out and offered to buy your home, with a generous 6-figure offer. However, your agent explains, this offer is a bit lower than what you were asking for, so what do you do?
You could accept the very first offer on your house, or you could wait to see if another buyer gets close to your asking price. However, there is a chance that your first offer is the best you are going to get, so what do you do?
It’s not an uncommon scenario for those who are putting their homes on the market today, so we’ve decided to help you figure out what needs to be going through your head when that call comes. Even though we can’t tell you what to do on an emotional level, you can start to use the facts to evaluate the first offer.
The 1st Offer Is A Serious Buyer
In most cases, if someone is reaching out and getting in the ballpark with your price, then they want to move fast and beat any competition to the house. They want to buy your house, and it’s often better to negotiate with them by sending a counteroffer instead of cutting them loose entirely. It’s a gamble if you turn down the first offer and then let your home sit on the market because you probably won’t receive a higher offer.
You can wait because every single rule has an exception, but chances are that the first offer is the best that you are going to get.
Look At The Entire Offer
While most people tend to look at the offer as a simple dollar sign, look at the entire offer as a whole. Even though you might be a little off in price and getting less than you want, you should focus on the entire offer. Is it in cash or financing? Cash offers tend to be more reliable and allow you to close the deal quickly, while financing backed mortgages can cause delays for a variety of reasons.
Look At The Buyer Flexibility
Sadly, sometimes a buyer might want to move in sooner than expected, especially if you are renovating the house. Don’t turn everything down, but instead talk to the seller. If you need more time to move your stuff out, your real estate agent can help both parties negotiate. For example, you can put all the excess stuff in the garage for a while, postpone the move-in date, or leave some of your stuff when you leave.
After all, who doesn’t love coming to a new house and finding some free stuff left by the old owners?
You Should Strongly Consider The First Offer
We won’t give a ‘yes or no’ on this one because there are both emotional and logical sides to moving and selling your home. However, when the first offer comes around you should give it some serious consideration. The chances of selling your home after the first offer tend to go down unless you have multiple interested parties from the get-go.
Make sure to give a counteroffer though, because you do want to get as much money as you can. Your real estate agent can then deliver this counteroffer and keep things moving forward, and you will be able to get a better offer whenever the back and forth about money is over.
With over 20 years of experience, Wendy has worked with hundreds of proud clients, both buyers and sellers, and has built her successful business on word-of-mouth and client recommendations. Call Wendy Gimpel Real Estate today!