Accepting an Offer

A businessman extends his hand to shakeOnce an offer is on the table, you may accept it, reject it, or enter into negotiations with the potential buyer by presenting a counteroffer. Here are some tips to remember for the bargaining table.

  • Offers generally include a deadline. If you don't respond in time, the contract is void. Respond quickly to a good offer because the buyer can pull it off the table any time before you respond (even before the deadline).
  • An offer from one party can serve as motivation to other interested parties who are slower moving. Let them know that you have an offer, and invite them to submit one, too, if desired.
  • Look over the offer for any contingencies, such as the sale of the buyers' current home. Is waiting for the sale of another house you may know nothing about acceptable?
  • The buyer generally chooses the title company where the closing will be held. Make sure you agree with the choice.
  • Weigh the buyer's ability to purchase the property in the equation, so you are comfortable proceeding with negotiations.
  • Negotiate any points (including price, contingencies, and title company) by presenting a counteroffer.
  • Once you accept an offer, the agreement is a legally binding contract. It could mean trouble if you don't live up to it!
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