Is the listed price the right price? A REALTOR® can give you a Comparative Market Analysis (CMA) of the home’s value, or you can check local listings to see what similar properties sold for. Based on the home inspection, a buyer might also ask for a lower price or repair contingencies if the home needs to be fixed.
As a seller, it’s very important to keep these considerations in mind:
- Every month a vacant house remains unsold represents considerable expense for the seller.
- If the sellers are divorcing, they may just want out quickly. This may make buyers offer lower and hope you will accept it.
- Estate sales often yield a bargain in return for a prompt deal.
When an offer comes in, a seller can accept it exactly as it stands, refuse it (seldom a useful response), or make a counteroffer with the changes they want. When sellers receive a purchase offer from a would-be buyer, remember that unless they accept it exactly as it stands, unconditionally, the buyer will be free to walk away. Any change the proposed buyer makes in a counteroffer puts the seller at risk of losing that chance to sell.
As soon as both parties accept the written offer, you have a legal contract. Simply understand that sometimes the first offer may be the best one for the seller.