Great news! Your REALTOR called to tell you that an offer has come in and needs to be presented to you.

Some Listing agents will do this in person, others may simply call you, email you the highlights (price, closing date, down payment, etc.) or fax you a copy of the offer. However it happens (and don't be afraid to let YOUR agent know how you would prefer the discussion to occur), you should be pleased to have your first offer, especially if the property has been out there a while or you have timing issues with a relocation.

What next? Well, the agent will review the offer with you and you must make a response (this might be done verbally but oftentimes the response is written).

Let me caution you on a few things (I will assume you are in the market most folks are...a buyer's market):

1. Be prepared that the offer will NOT be full price and may be a lot lower than you would like or would be able to accept.

2. Be pleased to have an offer and prepare to discuss the terms and conditions that have been outlined (price, closing date, financing, any concessions, dates)

3. Keep your emotions in check. It is NOT the time to get angry, depressed, or insulted. The buyers have made you a proposal and you get to decide how to respond. You need to be objective and focus on the ISSUES not the EMOTIONS (remember how YOU felt as a buyer submitting YOUR offer, and how you hoped to get a response?)

4. Consider the issues that are most important. Is it price? The date of closing? Are there things you can accept if other concessions are made?

5. I would NOT reject the offer, even if it is low. Make a counter, even at or close to full price. You never know what the buyers might do. And don't be discourteous like some sellers and not respond at all (remember being a buyer yourself?)

6. Some sellers decide to wait and see if they get a better offer. Well....could happen, but so many times the first offer IS the best. And the longer the property sits on the market the more likely any other offers will be lower.

You probably have time to consider the terms and decide how you want to respond (check the date of the offer expiration so you don't miss this). The buyers will likely appreciate a response fairly quickly. Dawdling over it does not do anyone any good. It's YOUR decision but discuss this with your agent. Keep in mind that you and the buyers want to meet on happy grounds...there is no winner or loser.

Next step? The response.