Seller's Guide:

Finalizing a Buy Offer

It’s the moment that you’ve worked for: you’ve received an offer on your home. If you’ve prepared well and the market conditions are right, you may receive multiple offers. There are several strategies to help you maximize your profits and minimize your stress during these final steps.

The Elements of an Offer

Your Weichert Sales Associate will receive offers on your behalf and present them to you. They should contain the same basic information for easy comparison. They will all include the offer price, any earnest money deposit and the amount of down payment. An offer will also include a closing date, any details of escrow, details of items both included and not included in the sale and contingencies.

Any counteroffer can include modifications to this original agreement. Most often counteroffers include a change in purchase price, contingencies or closing date. Sometimes this can happen quickly with a few phone calls and sometimes it takes several days.

The final purchase agreement will cover all of these points and be signed by both parties. In states without an “attorney review” period, it becomes a legally binding contract as soon as it’s signed. Both parties have to adhere to the terms unless one of the contingencies is not met.

It becomes a legally binding contract as soon as it’s signed.

Negotiating the Best Price for Your Home

When finalizing a buyer’s offer, the next moves that you make can influence the outcome. It’s tough to balance wanting to receive the most money possible for your home without sending buyers looking elsewhere.

Here are some tips Weichert Sales Associates recommend for successful negotiations:
Respond quickly Do not give the buyer time to look elsewhere.
Keep personal information confidential Any information, like a divorce or a loss of a job, can make negotiating more difficult for you.
Be nice A little kindness can go a long way in any situation, especially one that involves a significant amount of money and something as personal as owning a home.
Respond to all offers Even if the offer is too low, always counter. It will show your commitment to selling your home at a fair price and it’s always possible to find middle ground.
Measure your counteroffer A counteroffer that is too small (for example, $1000 when the gap is $20,000) may signal to the buyer that you are unwilling to negotiate in a meaningful way.
Beware of emotions Not only is this a large transaction, this is likely the place that you’ve lived for a long time. Try to take a step back and rely more on your Sales Associate if emotions become overwhelming.
It doesn’t have to be all about price If you can’t agree on a price, consider negotiating the other points that have value. Think about modifying contingencies, closing costs and timelines.

How should I Handle Multiple Offers?

Of course, this is every seller’s dream when finalizing a buy offer. You’ve been through so much and now buyers are flocking to your home. There are a few different ways to handle this type of situation to maximize your selling price.

In addition to the standard negotiating advice, there are additional steps that you can take.

Counter a single offer, although if you go this route, act quickly so that if it falls through, you can negotiate with a second buyer.
Have your Sales Associate contact the buyers who are competing and ask each to make a “best and final offer.” Keep in mind that some buyers will avoid a bidding war and continue their search elsewhere.

Accepting the Best Offer

There is no definition of “the best offer;” it depends on your needs. For some, it’s all about the best price. For others, it’s also about selling quickly. Some sellers agonize, wondering whether waiting another few days will gain them a few more dollars. While that’s always a possibility, you may not want to gamble on the chance that the current buyer will lose interest. There is always a “what if” scenario, but keep in mind that “what if” can have a downside.

Once you've found an offer that meets all of your qualifications, including financing details, and you have agreement from the buyer, you will begin the process of preparing for closing. This will include the buyers getting an inspection, a survey, an appraisal, and arranging for two walk-throughs with the buyer.

There is no definition of “the best offer;” it depends on your needs.

Key Takeaways

Key Takeaways:
Finalizing a Buy Offer

Three negotiation strategies to consider when finalizing a buy offer are to respond quickly, consider compromising on things like closing dates and contingencies instead of purchase price and simply being nice.

Always respond to every offer received, even if it is a low offer. It never hurts to counter, even if it is with the listing price. It will show a commitment to selling at a fair price.

There is no definition of a "best offer" on a home. It will depend on individual needs. Some sellers agonize, wondering if they can get a few more dollars by waiting another few days. That's always a possibility, but it's a gamble and the buyer may lose interest and move on.

It's every seller's dream to receive multiple offers on their home. One strategy is to counter a single offer, but act quickly so that if it falls through, you can negotiate with a second buyer. Another is have your Sales Associate contact the buyers and ask each to make a "best and final offer."

Weichert Seller's Guide