Your home is for sale. You're excited and ready to sell, but what will you do when your agent brings you an "offer" from serious buyers?

Many sellers flinch at the word "offer" believing it means accepting a lower price. An offer is merely an instrument, signed by the buyers, stating the price and terms at which they are willing to purchase. The price could be the asking price, or one that is lower or higher than the asking price. Until accepted, it remains an offer, and is binding on no one. The buyer may withdraw the offer at any time prior to acceptance.

Once an offer is received, sellers have three options: 1) accept it as written, 2) reject it outright, or 3) make a counter-offer. It is generally good business to either accept the offer or make a counter-offer, since rejecting an offer can put a quick end to an otherwise potential sale.

An offer that appears to reflect a low price sometimes provides the sellers with greater "net" proceeds from the sale. This can be determined by asking me to prepare a "net sheet" providing an estimate of the sellers' proceeds expected at closing. I will explain the offer to you fully and in detail.

When selling your home, don't shy away from "offers". Ask for a complete explanation of both the positive and negative effects, then make an informed decision.