There are two crucial factors in selling your home. How much you are willing to accept for a home and under what time frame. Price goes a long way in determining how quickly a home will sell. Legally any agent representing a buyer that is interested in a home must present an offer to your selling agent regardless of the amount offered. Take an offer seriously, and don’t get offended if it is below the price you are asking. You can always reject an offer.
Unless you accept earnest money with an offer that has contingencies you should add your own contingency that you can continue to market your home in case the contingent offer falls through. Earnest money is a non-refundable deposit of sorts. You should also set as tight a time limit on a contingency period that a buyer sets. If you are accepting bids during a contingency period and another offer comes in you can accept that other bid if you give the first buyer notice and a time period to respond. For instance if you are waiting in a contingency for the buyer’s own house to sell and another offer comes in for your home, you can give 48 hours for them to close on your house, making their contingency on selling their house to buy yours null. The buyer may very well go ahead and close on your house even though they have not sold theirs.
If you have multiple bids you do not have to accept the higher offer. Sometimes some things may be more important. For instance, it is not uncommon for developers to come into established communities to purchase smaller homes, tear them down and build a new larger home. Maybe you would rather a family purchase your home instead of a single person. Legally you can not discriminate against a buyer because of race.
As a seller, use the following guidelines:
- Let your real estate agent do the negotiating.
- Look at all offers seriously.
- Don’t get emotional over offers.
- Be open-minded to all buyers of homes.
- If you make a counter offer make the best one possible.
- Don’t judge buyers by appearance.