You are selling your Ocean City home or condo. A prospective buyer inspects it, likes it, and decides to make an offer. You can depend on human nature. He will try to have you accept an offer lower than your asking price. This is a time to calm down and evaluate the offer.
Now what? First of all, if you are going to even consider an offer it must be in writing and signed. It must have a definite time limit, and it should be accompanied by a respectable amount of “good faith” money. That amount will depend on the value of your home, the mortgage market and the buyer’s financial condition. Respect your Realtor’s advice on this subject.
Once these elements are fulfilled, it’s up to you to either accept his lower offer, reject it outright, or make a counter-offer to sell somewhere between the two. Just remember, if it’s not in writing and accompanied by a reasonable amount of money – taking your house off the market would be a poor judgment.
There is more to consider when you receive an offer than just the price and there are more ways to respond to any offer to buy your home than just a simple yes or no. Let your REALTOR do the negotiating. Please avoid speaking with the buyer directly. Communicate your wishes to your agent so he or she can accurately represent your interests. By using your agent you can more freely speak your mind and much more easily express your emotions and frustrations without the risk of damaging the negotiations. Don’t be afraid to ask questions. Now, you hired a good REALTOR – let the negotiations begin!
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