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| The ground rules: Time is of the essence. You need to receive this offer as soon as possible. Regardless of whether it is a buyers market or a seller's market, the seller is always in control until the property is under contract. Concentrate on the main issues: it's simpler than you think: how much money will you get and when will you get it. Your response will be in writing. Once any item on the offer is changed, the purchaser's earnest money is no longer in jeopardy. Sometimes I say to a seller emphatically, "Take it". Sometimes I don't. Perhaps you should ask your agent for a blank buy/sell agreement at time of listing. Never be offended by an offer. Every buyer is important and even an impossible offer is a compliment to the property. |
Once your agent or both agents are in your presence with a written offer
you should be prepared to accept or counter-offer then and there. Never ever set a price based on how much money you need. Your need has no relationship to value. Whether you accept or counter offer should depend on time on market and market activity. Don't change anything that is not important. You should not sleep on the offer although contract law does not require you respond immediately. A delayed response and/or a counter offer usually void the buyer’s obligation to perform. If there are complicated issues you may want legal advice. If so, you must delay your response or accept or counter offer subject to your attorney’s approval. Most Puget Sound buy/sell agreements are not reviewed by attorneys prior to acceptance. Yet, many sophisticated buyers and sellers have their attorneys review every document before they sign. |
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