Receiving an offer is exciting, but negotiation is key. Offers often involve counteroffers before an agreement is reached.
Evaluating an Offer
Your agent must present all offers. While you can set a minimum price, consider all offers, as each has pros and cons.
Key Factors:
Buyer Readiness
Do they have mortgage pre-approval?
Have they chosen a lawyer?
Are they ready to move quickly?
Buyer’s Situation
Are they selling another property? Is it under offer?
Are they a cash buyer or need financing?
Does anyone funding the purchase still need to see the property?
Offer Price
How does it compare to the asking price?
Will it cover your next purchase?
Do other factors (quick closing, fewer conditions) make up for a lower price?
Agent Feedback
Is this the best offer?
Are there other interested buyers?
Is the buyer serious and financially prepared?
Are similar properties available at a better price?
Making a Decision
Consider the offer carefully, but respond within 48 hours to keep the buyer engaged. You’re not obligated to accept, especially if they can’t proceed.
For multiple offers, agents may suggest a sealed bid, where buyers submit their best and final offer by a deadline.
Once you accept an offer, your agent issues a Memorandum of Sale, confirming buyer and seller details. The property is then marked Sold Subject to Contract (SSTC) until legal documents are finalized.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Please note: Jamaica Homes is not authorized to offer financial advice. The information provided is not financial advice and should not be relied upon for financial decisions. Consult a regulated mortgage adviser for guidance.