In Real Estate, the Game is Offer, Counteroffer and Your Realtor Is Your Best Coach

Spring is here and for-sale signs are sprouting everywhere. What’s really exciting about this spring is that we’re seeing sold signs are popping up on many of those for-sale signs.

With a strong spring real estate market, it’s important to make sure you’re ready get what you can for your home. That

Flowers and for sale signs are popping up

It's spring and flowers and for sale signs are popping up everywhere.

means pricing your home correctly and being ready to counter whatever offers you get.

It’s up to you to put a price tag on your home, but your Realtor should help you by showing you recent similar sales in your neighborhood, looking at the condition of your home compared to its competition and counseling you about preparing your home for the market. In addition, your Realtor is an objective third party who isn’t emotionally attached to your home. And when those offers come in, your Realtor will be able to help you decide what to do with them

You have three choices with any offer: you can accept the offer, make a counteroffer or reject the offer.

You and your agent can discuss whether it’s a good idea to simply accept the offer or counter it, but you should never reject an offer. An offer from a potential buyer is an opening gambit. As in any gambit, you should respond.

You and your Realtor can look at the offer, compare it to what you asked for and decide how to respond. An offer may contain more than just a price. It may call for you to make certain repairs, leave some things behind, call for a contingency (the deal ends if the buyer can’t sell their home) or have other conditions. The offer puts you as the seller at an advantage because you now know what the buyer wants.

Even if the offer seems ridiculously low or has terms you wouldn’t even consider, you and your Realtor should respond. Responding, or countering, keeps the conversation going and starts the negotiation process.

Your counter can contain a higher price, but something lower than your original asking price. You also can change the terms, such as increasing the deposit, offering to pay for certain reports or fees, or leaving behind appliances or other articles the buyer liked.

The hope here is that the potential buyer will remain interested and will counter your counter. This “conversation” requires patience and an experienced Realtor to guide you on what’s realistic, legal and productive. Potentially, you could have more than one negotiation going on.

The offer-counteroffer nature of real estate sales is one more reason why you need an experienced Realtor who will be candid with you and help you through the challenges of selling your home.

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