All you hard work has finally paid off — you’ve just received an offer for your home! But it’s not quite time to celebrate. Regardless of whether you get a low offer, a high offer, or multiple offers, it’s best to assess your situation and talk to your real estate agent before jumping right in to negotiations. Once you’ve decided how you’re going to handle the offers you’ve received, you can tackle negotiations and settle for a price you’re happy with.
You Can Do One of Three Things with an Offer
When a home buyer makes an offer for your home, you can do one of three things: reject the offer, counter the offer, or accept the offer. In many cases, sellers start by negotiating counteroffers before eventually accepting or rejecting that same buyer’s offer — after all, most homeowners want to sell for a high price and in a short time. Let’s go in detail about what each negotiation strategy means.
Reject the Buyer’s Offer
There can be any number of reasons why you flat-out refuse a buyer’s offer: The buyer hasn’t been pre-approved, wants you to pay all the closing costs, is asking for an extremely low price… you get the idea. In many cases, though, sellers will first make a counteroffer instead of out-right refusing an offer.
Counter the Buyer’s Offer
Let’s say you get an offer that’s a little lower than your asking price. Instead of refusing that offer and waiting for another one, you can make a counteroffer and tell the buyer you want to sell for a price between what they’re offering and what you’re asking for your home. A counteroffer doesn’t just apply to the price; you can also negotiate different terms, too, like the earnest money deposit or closing date.
After you make a counteroffer, it’s up to the buyer to accept your offer, counter your offer, or reject your offer. If the buyer makes a counteroffer, things can go back and forth for a while until one of you decides to make a final offer.
If you decide to counter the buyer’s initial offer, this is where it helps to have Master Certified Negotiation Experts like us on your side. Negotiations can be tricky, but your real estate agent can save you the headaches. We will advise you about what price and terms are best, when to make your final offer, and when to either reject or accept the buyer’s offer.
Accept the Buyer’s Offer
You can decide to accept a buyer’s offer out-right, or you can decide to accept a buyer’s offer after negotiations. When multiple offers come into play, you may not have to make any counteroffers. However, it’s still a good idea to talk with your agent before immediately accepting the highest-priced offer.
When you find the offer you like and accept it, then you can catch your breath. Your agent will then walk you through the next steps and explain how the closing and settlement process works.
Let’s Talk About Your Home Selling Goals
Ultimately, your ideal negotiation strategy depends on the real estate market, your initial asking price, and your home selling goals. The best real estate team knows which negotiation techniques work, so if you’re searching for a real estate agent in Pittsburgh, learn what skills and resources we have to offer. We can help you price your home competitively, give you insider tips for success, and save you time and money. Let’s talk: call us at 724-344-4795.