How to Handle Buyers' Offers Without a Realtor

You're selling your own home without a real estate agent. You've shown the house to prospective buyers and now one wants to make an offer. How do you handle an offer presentation without an agent? Follow these steps to make sure it works out well for you.

Instructions

Difficulty: Moderately Easy

1. Schedule an appointment for the offer presentation. Pick a time when you won't be hurried or distracted, because this is the start of the important negotiation process.
2. Have the buyers or their agents provide you with a written copy of the offer at the offer presentation. It should be signed by the buyers.
3. Study each section of the offer carefully. Note the price, terms and contingencies. A contingency is a clause that releases both parties from a contract if certain things don't happen. An example is a cancellation of the offer if the house doesn't pass an inspection.
4. Ask questions about anything in the offer you don't understand completely.
5. Tell the buyers you want time to consider the offer and that you'll get back to them with a decision within three business days or some other reasonable time frame. Thank them for the offer. Don't be pressured into giving an immediate response.
6. Prepare a counteroffer in writing if you wish to negotiate on price or any of the terms. Set a time limit for the buyers' acceptance or rejection of your counteroffer. You want to keep things moving.
7. Accept an offer that suits your needs. Make sure it is in written form, to avoid any problems later, and sign your acceptance on the offer form itself.
8. Learn all you can about purchase contracts before you sign one, or hire a lawyer to handle this part of the sale process. Your home may be your largest financial asset and having some legal help can be worth the cost in the long run.

Tips & Warnings

• Give the potential buyers copies of any disclosure statements or inspection reports from the past two years before they make their offer.
• Recognize the techniques some buyers may use to rattle you and resist the pressure. These include: arriving late, phoning out during the meeting, invading your personal space, acting disinterested or criticizing your property, trying to play on your sympathy or upset you by being emotional.