How long should I wait before accepting an offer?

Answer:

It depends…

Read the offer over carefully (and make sure that you understand it.) Remember, while price is probably the most important factor, there is more to consider than just the numbers.

How long should I wait before accepting an offer?

Does the offer specify if it’s cash or financing? Does it mention repairs or include a contingency? When do they want to close? Is there a strong possibility of a multiple offer situation?

Additionally, how far apart are you on the price? If you are really close, is it worth risking the sale when you are still footing the bill for utilities, insurance and a mortgage?

Understand your unique situation.

If you have been on the market for 5 months with no showings or offers, then yes, you should accept any reasonable offer.

If, on the other hand, you just got listed and have 10 more showings this weekend, maybe you should wait to see if something better comes along.

Don’t be pressured into signing a contract before you are ready.

If you receive an offer on Friday, wait until Monday or Tuesday to make a decision. You might get another offer or two by then.”

Should I avoid a multiple offer situation?

Moving too fast can make you look over-eager and may cost you some of your negotiating power. But, that does not mean you should try to play hard to get and ignore an offer, either. Communication is key.

Your goal is to be in a multiple buyer situation.

Any serious buyer is not going to run just because you want to compare their offer to another.

There are very few moments in the selling process that the you, as the seller, really hold the cards.

A multiple offer situation is the one time where you have the most leverage. Always exercise the option when you can.

Click here to learn more about multiple offers.

BOTTOM LINE:

There is no “perfect” article that could possibly tell you what to do in every situation. If you went with Plan A (or a FSBO), it’s going to be your call. You know your situation more than anyone else at this point.

If you are unsure about how to handle your offers, then you should seek advice from a professional real estate agent with experience in your local MLS. They will be your best guide through the process.

Our team of 10 licensed agents close over 2,000 real estate transactions in 14 MLS’s in the State of Texas each year.

Click here to learn more about our Full Representation upgrade.

For more information on upgrading or to ask a question, speak with one of our licensed real estate agents.

Call us: 800-219-9444
By | 2015-04-15T02:27:46+00:00 April 15th, 2015|Contract Questions|