As the final stages of selling your home approach, you receive an offer. Now, it's time to negotiate, sign a contract, assist the buyer in securing financing, prepare for the move, and finalize the sale. Your Realtor is there every step of the way, ensuring a smooth process.
When you receive an offer, typically in the form of a Residential Resale Real Estate Purchase Contract, your Realtor will review the terms with you and provide an estimated cost sheet. You have three options: accept, reject, or counter the offer. Quick responses are crucial, as buyer interest can wane if decisions are delayed, especially if they experience "Buyer's Remorse."
The initial 30 days on the market are pivotal due to the presence of a backlog of buyers looking for properties like yours. The first offer you receive often turns out to be the best, as overpricing or waiting for a better deal can cause you to miss out on this early interest.
Negotiating involves balancing the highest price the buyer is willing to pay and the lowest price you're willing to accept. This process requires patience, psychology, flexibility, and intuition. A skilled Realtor can turn a low offer into a satisfactory deal, facilitating open dialogue until an agreement is reached.
Your Realtor plays a critical role in negotiations, leveraging their understanding of your situation to find common ground. Their goal is to close the transaction, aligning your interests with those of the buyer.
A signed offer becomes a binding sales contract, outlining the terms of the sale and any contingencies. Most contracts are contingent upon financing, ensuring you aren't tied to a buyer who can't secure a loan. This contract is the cornerstone of the transaction, detailing who pays for what and associated costs.
By understanding these key aspects and working closely with your Realtor, you can successfully navigate the complexities of selling your home.