When you are trying to sell your house and receive a purchase offer from a buyer, you will have the chance to read through it and respond to the buyer. It is vital that you carefully analyze the contract details before responding and it is also important to know what your options are with responding. Here are several things you should know as you prepare to respond to the purchase offer you received.
The things you like about the offer
The first thing to do when you receive an offer for your home is read through the whole thing making notes of the things you like about the offer. Do you like the price? Would you be happy selling it for that amount? If so, these are things to include on your list of things you like and there may be a lot of things that you can include if the offer is a good one.
The things you do not like
Secondly, you should view the things you do not like about the offer. For example, is the offer amount less than you hoped for? Is the buyer asking for too many contingencies? You should compare the things you like and the things you do not like as you determine how to proceed with the offer.
You have limited time
One important thing to note about this is that you will have just a small amount of time to make a decision about the offer. If you do not respond within the time frame listed on the offer, the offer is void. In other words, you should make sure you know how much time you have, and this will be stated on the contract and you should make sure you respond within that amount of time.
You have three main options
There are three main ways to respond to the offer. If the offer is really bad, you could simply ignore the offer and allow the time frame to lapse. This again would void the deal and you could wait for another person to make an offer on the house. The second option is to accept the deal just as it is, and this is a great option if the offer is good. The final option is to counter the offer with changes that you want in it.
If you would like to learn more about purchase offers and the options you have for responding to one, talk to a local real estate agent.
For more information, contact a real estate group like Matthew Barry & Erin Willman Real Estate Group - RE/MAX Professionals.