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Negotiating and accepting an offer

Congratulations, you received an offer! Now it's time get strategic.

Getting an offer on your home is a big deal and it's important that you do your homework ahead of time. You have a lot at stake and big decisions need to be made relatively quickly.

Knowing the “best and final” price you'll accept before you list your home will help make your selling journey less stressful.

FOR SALE

With an offer in hand, you'll know the buyer's offer price and terms and conditions – including closing date, provisions for certain fees, any contingencies, and your deadline to respond. You now have three options:

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Navigating negotiations

Because your home is probably the biggest asset you have, it’s important to lean on your real estate agent for your next step. Their experience and knowledge of your local market conditions and personal/financial goals are key. Let them guide you.

Both parties have an ultimate goal: you want the best price for your home, the buyer wants the best deal. This is when you meet in the middle (if negotiating is in your best interest).

You’ll likely find yourself countering the initial offer – typically asking for a higher price or adjusting the closing date. If you opt to negotiate, your agent will submit a counteroffer to the buyer’s agent, detailing your requested changes. This puts the buyer in the driver’s seat, and they can now accept, counter or reject and move on (the risk associated with negotiating). In most cases, the back and forth between you and the buyer should last about one to three days, but it’s not uncommon for it to take longer.

When selling your home, think like a buyer.