{"id":2884,"date":"2017-03-30T13:24:06","date_gmt":"2017-03-30T13:24:06","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/my-realtor-called-and-we-have-an-offer-what-happens-now\/"},"modified":"2017-03-30T13:24:06","modified_gmt":"2017-03-30T13:24:06","slug":"my-realtor-called-and-we-have-an-offer-what-happens-now","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/my-realtor-called-and-we-have-an-offer-what-happens-now\/","title":{"rendered":"My Realtor\u00ae called and we have an offer. What happens now?"},"content":{"rendered":"

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Understanding the Real Estate<\/a> Process from A \u2013 Z \u2013 A Seller\u2019s Guide to Real Estate \u2013 Part 7<\/b><\/p>\n

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This is the seventh post of a series in an FAQ format that I hope will help would be sellers better understand the real estate process that they are about to go through. There will be a follow-on series for real estate buyers<\/a>.\n\t\t\t\t<\/p>\n

FAQ \u2013 My Realtor\u00ae called and we have an offer<\/a>. What happens now?<\/b><\/p>\n

Great! Offers were what you set out to get. Your Realtor<\/a> will want to \u201cpresent the offer\u201d to you,<\/p>\n

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which is to say to sit with your and go over the details of the offer and discuss with your how to react to it. Sometimes the buyers\u2019 agent may insist on presenting the offer to you, so that he can elaborate on the buyers\u2019 capability to get to the closing table. You can decide if you want that agent to actually present it to you or insist that he\/she let your agent handle that.\u00a0<\/p>\n

This post and the next two will deal with how to react to an offer.<\/p>\n

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Low-ball offers<\/b>\u00a0\u2013 There will always be people out there posing as buyers who are really out to see if they can steal your house for some ridiculously low offer price. Many of these people spend all of their time lobbing low-ball offers in on almost any house that they see. I don\u2019t know why any Realtor would continually waste their time with those people, but some do. Don\u2019t get offended. Listen to your Realtor\u2019s advice on how to handle the situation. He\/she will have already talked to the buyer\u2019s agent<\/p>\n

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and will probably have some idea whether this is an offer even worth making a counter-offer upon. In cases of it being a fishing trip by a serial low-baller, I usually advise that the seller just reject the offer. One good way to get across the sellers\u2019 displeasure with the offer is to use a Sharpie or magic marker and have them print the word REJECTED across the front page of the offer and sign right below that. I then scan and email that back to the buyer\u2019s agent.<\/p>\n

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Reasonable offers \u2013\u00a0<\/b>Notice that I did not say that it is an acceptable offer, just one that is at least reasonable to entertain. Most offers will start lower than the asking price and lower than the buyers are actually willing to pay. You can\u2019t fault them for trying to get a better deal, you would probably do the same thing. If you have listened to your Realtor and they have listened to theirs the offer probably will be close enough to consider and to make some form of counteroffer. It is important, however, to look at the whole offer and not just the price. Most offers these days may have terms and conditions specified in the Purchase Agreement (PA) that, when taken into consideration (even on a full price offer), may make the offer unattractive for the sellers. Many buyers (and their agents) got used to some practices during the Great Recession that no longer seem reasonable, but which are still in common use today.<\/p>\n

Here are a few things to look for in the offer, other than price:<\/p>\n