Selling- When Someone Makes An Offer

What happens once we receive an offer on your home? Even though this is an exciting moment in the home selling process, it can also be stressful. But we’re here to help with the negotiations.
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This is one of the many reasons you hire our team. We are experts in the home selling process, and are here to help you get the most out of your home.

If a buyer is interested in purchasing your home, their agent will help them write up a Purchase Agreement, or PA for short. If you are interested in reading a PA in advance, reach out to us and we can provide you a sample.

After we receive an offer, we can discuss the terms and start negotiations. You basically have 3 options to respond to the offer:

We could accept the offer the way it was written, or we could make a counter offer, or we could reject it outright.

Normally it’s fine to counter an offer and change some terms. Most of the time, we end up countering on price, closing date,  seller contributions, days for inspections, or any combination of things. Sometimes the counters wont make a deal happen, most of the time it will.

Here’s a real life example of a negotiation:
We had a home listed (years ago) for $279,900 and we received a low offer of $230,000. We countered at full price $279,900, and the buyer came up to $270,000. We countered again at $275,000 and ended up getting the house sold.

Once you have received a purchase agreement, usually we want to try to get back to the buyer within a few hours.

The reason for this is because the buyer is still on their natural "high" from making an offer on a house. If we wait too long, say the next day or the next evening, they will have "cooled off" a bit or potentially withdraw their offer.

Once we respond, the buyer usually will respond pretty quickly, maybe within 30 minutes or so. After that, any other back and forth usually happens within minutes, with the final signatures being executed very shortly thereafter.

The whole process can be 3 to 4 hours, or even overnight. Sometimes a seller or a buyer needs to sleep on it, but usually things are wrapped up within 24 hours. It may take longer due to special circumstances, such as an estate.

Be sure to watch our other videos to help you sell your home.

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ADDRESS

7700 France Ave S #230
Edina, MN 55435
(952) 915-2252 (direct office)
(952) 884-8404 (office front desk)

Steven Hong, REALTOR
Team lead
Old Home Certified
Green

Steven@StevenHong.com
(612) 990-9009

Each office independently owned and operated.  All information is deemed reliable but not guaranteed, and should be independently reviewed and verified. Equal opportunity housing. 

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