Offers & Negotiations

Hey, everybody, Jon Sump here with The Home Brokerage bringing you our Thought of the Week for Thursdays, which right now is our home selling process and tips that we have for you regarding that process. So you've had your house, you've gone through all the steps, you met with the realtor, you've established the price on your home, you've got your home ready to sell, you've got the home actually on the market and accessible to the market, and now you're getting offers on the property. What should you do? Just take the first one? Take the highest one? What should you do?
Well, it all depends on your situation, but what I recommend you do is, if you're getting offers right away, give yourself a little bit of time. Don't just jump on the first offer if you don't have to. If you can give yourself a week or so to get multiple offers, is even better, but if not, when you're not in the market that's going to support multiple offers, and what you really want to look at when you get an offer are more than just the price, but the terms. The terms are really important here. Price, because a lot of times there's strategies people use where they'll just come in and write a really high offer price, getting you to accept it, and then after they do their inspections and things like that, they come back and try to beat you up on the price to get it down lower.
So you want to look at a couple issues. One, does your agent know the other agent that's presenting the offer? If they do, ask them their opinion on how that agent does business. I keep an extensive log of everybody that I do business with and how they usually operate so that the next time I'm dealing with them I kind of have an idea for that. The other part of it is, what lender are they using? Are they using a local reputable lender or the lender that's going to be a little bit more difficult to deal with? Are they going to be actually able to close the deal? So there's a lot of things like that you want to look at. Are the asking for a lot of stuff up front? Are they asking for credits? So look at all of it and weigh the pros and cons of all of it because sometimes a done deal is better than the highest price.
If you have any questions or concerns, please feel free to reach out to me. As always, check out our YouTube channel and if you liked this, please share it and like it. Make it a great day. Thanks. Bye-bye.