Step 9: We Have Received an Offer!
We’ve received an offer. As we review it together, we will want you to pay particular attention to the following items:
Offer price: What price did you want for your home? What is the least amount you’d be willing to sell your home for? How does this compare?
Closing date: Typically in the Omaha metro (and with the new TRID ruling) closing takes place about 45 days after contract acceptance. Sometimes buyers will ask for a longer closing date if they are doing a special loan program, need to give their landlord more notice, or need to sell their home. If a buyer is paying 100% cash we can usually close sooner.
Closing cost credits: Does the buyer want you to pay a portion of their closing costs? If so, how much? Please note that the amount they are asking for is paid at closing and reduces your net proceeds. So if a buyer is offering $250,000 for your home, but wants a $5,000 closing cost credit that means the offer is really only $245,000.
Home warranty: Did the buyer ask you to provide a home warranty? This can cost you anywhere from $500– $700 and also comes out of your net proceeds at closing.
Personal property: Did the buyer ask for any of your personal property to be included in the contract (e.g., bar stools, pool table)? You do not have to include these items.
Contingencies: Are there any contingencies placed on the contract such as needing to sell their own home before they can close?
What is the ‘net’ from this offer: Now is the time that we prepare the estimated net sheet for this particular offer. We will step through the contract one item at a time so you fully understand what you would be agreeing to. At this point, we will give you our professional opinion based on our experience in dealing with buyers and sellers, however; the decision is ultimately yours. You have three options:
- Accept the offer as written
- Counter offer
- Choose to walk away from their offer
We never suggest walking away from an offer. Instead, you should always counter with what you feel is fair. Although selling your home is emotional, you need to do your best to separate your feelings from the numbers. We have been through this process with many buyers and sellers, and we have also personally experienced buying and selling. We know how very difficult this can be. Remaining positive with all offers will mean a better experience for you.
Although it is rare, sometimes we aren’t able to come to an agreement with the buyer. It can be disappointing but the best thing we can do is move on. We’ll continue with showings, open houses, marketing etc. We will find the right buyer.
A statement we often tell our clients" 'In the end, it works out as it is supposed to'.