With all the sales that are happening in the market at the moment it’s amazing to think about how the “Offer and Acceptance” a double sided piece of paper has been the cornerstone to thousands of property transactions and billions of dollars in property sales!
This simple document is comprised of several sections and has also been updated over the years to make changes in finance and contract conditions.
Each offer is basically a form to include your full name, full property and title details, the buyers names and conditions of purchase. These include the purchase price, settlement day, finance terms and special conditions that either you or the buyer wants to include in the transaction.
If there are any associated problems with your property, it is best to let us know at listing time. This is so that we can make buyers aware before they make an offer and they find out later only to potentially cancel the contract.
No matter how big a problem you may have, being upfront about the issue with a potential buyer is the best way. Everyone appreciates to be aware of any issue and most buyers are willing to accept the problem and make an offer anyway.
When an offer is on the table you have three options to negotiate. Knowing which strategy to use can make the difference between a sale or not:
Counter the offer – A “counter” is a response to the offer that indicates you take the offer seriously but that the price or terms are not completely acceptable. With most counters, you have the option to ask for more money or change other terms and conditions, such as; the settlement date, the amount of money desired as a deposit, or other factors. Countering the offer is the way to negotiate with a buyer.
Accept the offer – When you accept a buyer’s offer, you have agreed to sell your home under the terms that have been offered or negotiated towards. This signifies the beginning of the settlement of your home and the time for you to get serious about moving out and moving on. At this time, you inform your lender of your contract, inspections and other conditions are worked through, and you are on your way to completing the sale of your home. Through all of these steps, we guide you along the way.
Reject the offer – If the price is wrong, the terms don’t work, or other conditions. Not the best way to deal with any offer as it really just signifies your reluctance to negotiate. Many low offer buyers are just testing the waters. Let them… you never know how much a person want’s something. Rejecting an offer may not mean the end of discussions with this buyer. They still have the ability to come back and make a better offer again. Many offers made on auction properties are rejected as you don’t want to give out your reserve price.
If you have any questions or are currently in a position where you are negotiating a contract and just want another opinion, please feel free to contact me anytime.