You've received your first offer on your home (woo hoo!!) and now you need to respond to the buyers. What are you going to do?

I won't tell you what to do since each situation is unique, as is each offer, so you need to ponder the points in the offer that are most important to you. What is acceptable? What is not? Is there a way to find a common ground on which to agree?

Here in California there is a form (Counter Offer No. ___, or C.A.R. Form CO) used to communicate a counter offer. There may be one in your state, too, or it might be done verbally, as it often was in MA. If there is no form or requirement to put it in writing, putting YOUR response to the buyer in writing is smart, even if you make a copy of the offer, make the changes and use that.

Here is what you can do:

1. You can accept the offer as it is (in a sellers market you might get a full price or better offer; in today's market this is unlikely). But the offer MIGHT be good enough for you to accept ALL the terms and condition.

2. You can accept some of the terms and conditions, but not all, and so you make a counter offer with the terms YOU are proposing (say a different price). I generally advocate making a counter, even if the offer is so low it is laughable. Who knows what the buyer's might do?

3. You may reject the offer. Some people just don't respond, as the offer expires after a certain time (either set by the buyer or by default - in CA it is 3 days). Personally, I think this is just plain rude - the buyers made their offer in writing, even though it might be ridiculous, and they deserve a response. I recommend you put your rejection in writing - the bottom of Page 8 of the CA form allows you to do this.

The process of responding is pretty easy. Just make sure you are clear as to what terms and conditions have changed. But you will find, as first time sellers, that making the decision of HOW to respond is not so easy. Just another reminder - DON'T TAKE IT PERSONALLY.

Your agent will provide the counter offer in writing to the buyers' agent. The buyers can then respond to YOUR COUNTER, with the same choices that you had. The process continues until there is a meeting of the minds and everyone agrees on final offer terms and signs the contract. [I have seen some negotiations over in a few hours, or less. Others can take days or even a couple of weeks.]

Congratulations!

FIRST TIME HOME SELLER SERIES:

Article 7 First Time Home Sellers – It’s Offer Time

Article 6 First Time Home Sellers – Make Yourself Scarce

Article 5 First Time Home Sellers - Showings

Article 4 First Time Home Sellers – The Fun Begins

Article 3 First Time Home Sellers – Don’t Forget These Questions

Article 2 First Time Home Sellers – The Agent Interview

Article 1 First Time Home Sellers – Getting Started