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Wednesday, March 04, 2015

Home Seller Tips: How Does a Seller Respond to an Offer in Week One?

With the housing market in Brevard County, Florida showing more buyers looking and less sellers selling it is inevitable that offers will come quickly when a home is well prepared and competitively priced.

In the current Brevard County, Florida market it is not unusual for sellers to receive offers within the first week or two - sometimes multiple offers.

So the question on the mind of many sellers is "When should I accept an offer?"

Some prescribe to the philosophy that an offer come too quickly.  I do not.  Offers must be evaluated on their merit - not the time of arrival.

Image courtesy of Stuart Miles at
Sellers must initially assess the strength of the offer.  Is it a cash?   Is it a quick closing (longer between offer and closing then the more chance of a deal failing)?  Are there a lot of strings attached (unusual contingencies), etc?   Is there supporting documents with the offer (proof of funds, mortgage pre-approval, reasonable escrow/down payment)?

Next, sellers must evaluate how the offer fits in with their goals.

Early on in the listing process most real estate agents ask questions to obtain a picture of the seller's goals. It is these goals the offer must be weighted against.    Things like time line, what is next, how much they want for their property, carrying costs and the like.

Once the quality of the overall offer is evaluated (price is only one component albeit the most important) sellers can be respond in one of three ways. 
  1. Accept. 
  2. Reject totally with no counteroffer. 
  3. Reject with a counteroffer presented.
So, how does a seller respond to an offer received soon after the home is listed?  The same way they would respond to any other offer. 

When selling there will be many unknowns.  Will there be another offer? Will it be higher or lower? (Sometimes the first offer is the best offer.)  When will it come?  (is a future higher price worth the carrying costs and hassle of showings?)

Is any offer assured of closing per the contract?   No one, not even your real estate agent, has a crystal ball.   Evaluate the known and go forward with the decision made be it accept, reject or counteroffer!
It is critical buyers and sellers have the right real estate agent working with them.   When you are ready to buy or sell a home in Melbourne, Florida (including Viera), please give me a call at 321-693-3850.

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