Eleven steps sellers need to consider when they receive an Offer
Eleven critical step sellers need to consider when they receive an Offer from a potential Buyer:
I have written a blog post a long time ago (December 2008 to be exact) that sellers need to respond to offers ( http://actvra.in/NBc ). Since that time I have seen a lot sellers and many offers, hence I thought I would like to share what I think sellers should do when they receive an offer if they want to have a smooth and successful negotiation which will ultimately lead to a successful acceptance:
1. They should thank the buyer for taking the time to submit a 30 page offer with proof of funds and or a preapproval letter. (California has a lot of disclosures hence the 30 pages)
2. They should also let the buyer know that they will review the offer and get back to them soon.
3. Then, the sellers should rearrange their priorities, life, family and the usual distracters and place number one priority on reading the offer and thinking about the offer.
4. Once they read the offer they should write down questions that they might have and then contact their Listing Agent.
5. Once they discussed the answers to their questions with the Listing Agent. Then they should discuss on what type of Counter Offer they would like to present.
6. This is an important point: Then take a break, think about the offer, sleep on the answers and the potential draft counter offer.
7. Once they are comfortable with the offer make some minor modifications to the counter offer and then finalize the counter offer and submit it to the buyer. ( I am a firm believer that this can be accomplished in 24hrs)
8. I am confident if a Seller looks at an Offer with the attitude of” how would they feel if they submitted an offer and what would they expect in return?” The idea of “do as you would like to be treated” than they will give a fair response that both parties can work with.
9. Keep in mind if it is a low or not desirable offer it is “not an insult” it is the beginning of the negotiation process. If you do not respond you basically stop the negotiation at the beginning.
10. Most importantly keep in mind that this is business and maintain even attitude and do not get on an emotional roller coaster ride.
11. Of course most importantly remember the goal i.e.: the objective is to sell your property. Therefore be part of the solution and not the problem!
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at email@example.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to local Animal Rescue Organisations.