Your work is done - now comes the fun part! This is the goal that preparations and marketing was designed to meet.
Review all offers with your agent. Your agent is required by law to present all offers. This can be done all at once at a designated time, or individually as they come in.
Single-offer negotiations occur when only one offer is received. In this case, you will need to maximize your profit and convenience while not causing the buyer to walk away. An agent with excellent negotiations skills is critical to your success.
Multiple-offer negotiations are also common in today’s market. It is important to carefully compare competing offers. Often, the offer that looks like the best isn’t as good as it looks. Other than the money, is the buyer truly qualified? Will it close on time? Are there other contingencies? In addition, many agents will publish a “highest and best“ deadline for offers and then just pick the best. There is no reason to just pick an offer at the deadline. As the seller, you are in control! Negotiations with top offers can continue.
Personal letters written to you will often accompany offers in competitive situations. This can be very dangerous for you as the seller. If the letter reveals anything about the buyers’ race, color, religion, national origin, age, sex, height, weight or marital status, you are opening yourself up to the possibility of being sued for discrimination. Even if you did not discriminate, if you didn’t choose their offer they might sue for discrimination. And if you did choose their offer, a competing offer might sue. So, it is best to not accept those letters. In fact, there is no way to know if they are even telling the truth!
You are bound by the terms of the contract once each party “bottom lines” the agreement, even if you get a better offer the following day. The only way to cancel is by exercising a contingency, and most of those are at the option of the buyer.
*Dave is one of only a few Master Certified Negotiation Experts in Michigan and one of only three in Washtenaw County.