So, you got an offer

Posted by on Friday, August 12th, 2016 at 11:05am.

With the market the way it is in Calgary real estate, getting an offer can be very exciting.  Like a lot of time spent scratching a lottery ticket waiting to see what the prize will be.  When you get the call or the text from your agent, it’s just the first step.  Now the hard work begins, when a professional REALTOR really proves their worth. Here’s how to work with your agent towards a successful deal.

Stay Calm and Negotiate On

Preventing high emotion from entering the picture is challenging yet very important.  This home is your life.  There may have been many memorable life moments happen in this home and heaven help the prospective buyer who comes in with a low offer.  It’s best to keep it in perspective.  The person making the offer has no idea how you feel about your home and to them, it is simply a business transaction.  No slight intended and no judgement against you and your family or your home.  If you are prone to high emotion, leave things to your real estate agent you can act as a buffer who will represent your interests but remain neutral.  This is imperative should the buyers or their representative prove to be difficult.

Understanding the Market

Research of current trends in your area was likely undertaken when establishing an asking price for your property.  If some time has passed since your listing hit the market, you and your agent should revisit the current state of affairs before responding to your offer.  Things can change on a dime and it would be important to see if anything has changed, if ever so subtly.  Review the data on recent sales and listings in your community as part of your defense if you are planning a counter offer or even when wondering if you should accept what’s on the table.

Price and Terms Get Equal Billing

When you finally chat with your real estate agent, of course you want to see what the buyer is offering in terms of money. It’s also important to check out their terms and how they might affect the price presented to you. The offer might be better if it helps meet some of your criteria.  Every part of their offer is negotiable, from possession dates to conditions to what items are included in the sale (such as appliances and window coverings). Part of the terms could be replacement of a roof or furnace or other big ticket item.   Work out the details verbally but make sure than you make a note of everything that’s discussed so that the final terms that all parties have agreed upon are included in writing in the final offer that you will sign off on.

Timing is Everything

Offers are generally open for a specified period of time.  The time the buyer gives you to consider can sometimes be a negotiating tactic.  It depends on what they’re offering. Remember though, that while you’re thinking about it, there may be another property a few blocks over that they have their eye on.  Respond as quickly as you can without allowing the pressure of the whole thing to overwhelm you.  Again, your real estate agent’s experience and steady hand can be your guide to responding appropriately, without high emotion dictating moves that might be, to an extent, irrational.

Good luck at the negotiating table.

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