Receiving Offers

Qualifying the Buyer(s)
When offers begin coming in, a good agent will be able to assist in qualifying the potential buyers, collecting information on their careers, why they are purchasing, previous ownership experience, their financial situations (including pre-approval letter and financial statements). You would not be wise to accept an offer from an unqualified buyer. Because the contract may include many contingencies that protect the buyer, but few for you, you need to feel very confident of the buyer's motivation and purchasing ability.

Counter Offers / Multiple
You may wish to make one or more counter offers. As well as price changes, a counter offer might state your preferences on the close of escrow date, a seller rent back option, or contingencies as well as an "as is" statement. Remember that a lower offer from a well-qualified buyer may be preferable to a higher one from a less qualified one. The selling price may not be the most important part of an offer, if the buyer is willing to negotiate in a counter offer.

For more information see Understanding Escrow.

Negotiation
An experienced agent who is an excellent negotiator will be of vital help in obtaining the best price and terms during the negotiation period.

Ratification
When buyer and seller agree to the terms of the contract and the contract is signed in acknowledgment by all parties, it is considered ratified.

Disclosures
One you accept an offer, an agent will guide you through a myriad of required state and city forms to be completed, to provide the buyer with disclosure information immediately.These may have already been completed by you.

Timing / Escrow / Inspections
Your agent should be sure that the escrow account is opened and the buyer's good faith deposit is installed. Your agent needs to be able to monitor the time frames of the contract process to make sure the buyer doesn't default on the contract, and provide access to the property to the buyer's appraiser, contractors, and inspectors. While helping the buyer obtain financing within the time period specified, a good agent will continue marketing your property during this contingency period. Having a back up offer if the first buyer defaults will be a great benefit to you.

Closing Documents / Title / Taxes
An agent should provide you with an estimated statement of your closing costs and net proceeds, coordinate loan payoffs with the title company, and arrange for you to sign off on closing documents.

Before putting your property up for sale, you should speak to a CPA about the tax advantage options available. New tax laws allow sellers to pocket up to $250,000 (single) or $500,000 (married) in tax-free gains, with some provisions.