What is an Acceptable Offer?
There comes a time in the sale process of every house, the much anticipated offer arrives!! But is the offer an acceptable one? Your Realtor will help you make that decision, but there are a few criteria you need to look at. Is the offer at or near the asking price? If not, you can always make a counter offer with a price and terms more acceptable to you. Buyers often come in with a low bid to start, so you should never be insulted when this happens.
Typically, this is where the negotiation begins for both sides. You also have to decide if the other factors, such as closing date and conditions in the offer work in your favour. A misnomer here is that the accepted offer is the one with the highest offer price. Do you have enough time to wait for other offers? If you have been transferred, can you afford to wait? Have you already purchased another home?
In any case, your Realtor will give advice based on offering price, terms and how qualified the buyer is (if this can be determined). Regardless of how many offers are received, your Realtor is a key player in the negotiating process and this is where an experienced and savvy Realtor will really go to work, getting the best price and terms possible.
We’re happy to help!