The Offer and Negotiation process
After you receive an offer on your house, what do you do? Your agent will review the terms of the offer with you and explain the significance of each part of the offer. You have three options at this point:
- Accept the offer as is. You now have contract with the buyer.
- Make a counter-offer. You and your agent discuss the terms and change whichever terms you would like to change. These may include: Price offered, what items stay with property, how long you can stay in the house after closing (possession time), etc.
- Reject the offer. This is least likely to happen. Unless the offer is really low or has unusual terms, it is better to counter-offer.
The negotiation process involves the counter-offering back and forth between buyer and seller until an agreement is reached and you have a contract with the buyer.
Once you have a contract, your agent starts the behind the scenes work. Your agent will help coordinate all necessary inspections, appraisal of the property, keep in touch with the buyer's lender to track the loan status, and other necessary items to make sure this process is as smooth as possible. Your agent will also keep you informed of the progress of these necessary steps. Your agent will also help you coordinate items necessary for you to vacate the property, such as changing the utilities out of your name.
After all the above steps are completed, the closing will be scheduled. For more information about the closing CLICK HERE.