Now that your home has been on the market for a while you will know that your marketing is on track if you have received an offer. Even a bad offer is good. It shows you that that the fish are biting, and you have used the right bait, you just have not been able to bring the fish into the boat! You have a little bit more fine tuning to do the land the next offer. Once you receive an offer it is very important that you realize the market is now what it once was just a short while ago. It is important for the home seller to sit down and go over the offer to view the merits, pluses and minuses. You then must listen to the advice and view the current market statistics before just using the broad stroke of the pen in a counteroffer. Perhaps this offer is not so much about price, but terms. An experienced listing agent can very quickly size up a contract and tell you what the buyer is trying to accomplish. Make sure all offers and counteroffers are in writing and contain all needed signatures.
An experienced agent can also tell you the weak points of the contract, the contingencies, and if the contract has any merit at all. Do they have a home to sell, is this offer contingent up on the sale of that home? Are the buyers qualified to buy your home? Who is their loan officer? Are they in a lease, and until when? How much money are they putting down? Is the earnest money they have put down sufficient given the price of your home? Are the buyers requesting closing cost assistance? Can they provide a letter that they can afford to purchase your home without selling a home? If there is no merit to the contract, don't rip it up! Save the dramatics. On the front page of the Contract just write "SELLER REJECTS" date and signature. No personal comments. Then have your agent fax the buyer's agent a copy for their records, and keep one for their files. The reason it is important not to make a personal comment, is that our experience shows us they may be back! If the contract is about an early possession - accommodating it will ensure a better sales price. If the offer is about price, counter back at almost full price. A weakness here... signals more trouble later. If it is a lease purchase offer, be real leery. These very seldom if ever work out. Bad credit now, bad credit later. If you do not understand all the ramifications of the contract, see a real estate Attorney to explain it to you.
Jim Crawford - http://www.atlantabesthomes.com/
RE/MAX Paramount Properties 678-595-5283 Direct
Or 888-940-0074 Toll Free Office
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