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You just received the first reasonable purchase offer on your listing. You may be excited, because the buyer offers more than list price. Or, you may be disappointed, because you believe your home is worth more. Either way, when you negotiate the final price, terms and remedies, always remember this proverb:

“A bird in the hand is worth two in the bush”

An Aggressive Purchase Offer May Trigger Buyer’s Remorse

In today’s hot housing market sellers expect multiple purchase offers within a few days of listing their property. Oftentimes desperate buyers write contracts above list price to lock down the deal quickly.

After inspections reality sets in. Looking at the inspection report buyers may come to the conclusion that they offered too much for the property. Buyer’s remorse strikes, and they write a very demanding remedy request.

Sellers, on the other hand, believe that their home is perfect. They are offended by the request to remedy or simply don’t want to deal with repairs. Instead, they offer a dollar discount to the buyer to cover the repairs.

If the buyer does not agree, you may be tempted as a seller to simply let it go. You had multiple offers. One of the other bidders will surly pick up the property and be more reasonable.

Control Your Emotions

All too often I see contracts fall apart over $500 in repair requests.

Don’t let this happen to you!

Put your emotions aside!

Agree to the deal and move on!

5 Reasons Why Your First Purchase Offer May Be The Best

  1. When a contract is cancelled you lose at least 60 days to get a new offer accepted and closed. That’s 2 more mortgage payments which could amount to thousands of dollars.
  2. New buyers will ask why the contract was cancelled. They may want to know which remedies were requested by the previous buyer. And they will definitely do their own home inspection and may find more issues.
  3. When a property falls out of contracts and sits on the market for a while it becomes stigmatized. Buyers will think: “Something must be wrong.”
  4. Ninety percent of the time your next offer will be lower. It is much harder to get multiple buyers to submit offers above list price a second time around.
  5. As days on market increase you will have to lower the price to keep attracting more showings.

When you list your house with me, I will prepare you for these situations, I will explain the request to remedy, and help you negotiate a reasonable settlement, so you get the most out of the sale of your home!

Susanne has been a Real Estate Agent for 10 years, she spent 5 years at an independent brokerage before her and her husband opened a RE/MAX brokerage in Dublin, OH. She has worked with hundreds of clients to find their perfect homes. She works diligently to get you the most money when you sell your house and she goes above and beyond to find the right homes that you are looking to buy.

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