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DRAWING THE CONTRACT

EXTREME OR FAIR INITIAL OFFERS:
 

OFFERS GENERATE RESPONSES:
 

TIME LIMITS:

SUBMITTING THE INITIAL OFFER:

  • Presentation: Most offers today are delivered to the Listing Agent for presentation. It is rare that I will have the opportunity to present your offer to the Seller in person.

  • Personal Letter: You may want to consider including a personal letter to the Seller with your offer. We will discuss this strategy if it seems appropriate.

  • Questions from the Seller or Listing Agent: Be prepared to hear from me prior to any acceptance or counter-offer with questions from the Seller or Listing Agent. You must be easily available (sometimes by both phone and fax) to answer them in order to facilitate an agreement.

POSSIBLE OUTCOMES:

  • Acceptance: Your offer will be signed as written.

  • Counter Offer: Your terms will need to be modified in order for them to be acceptable to the Seller.

  • Rejection: The Seller refuses to enter into negotiations with you because of a perceived inability to reach agreement. The offer is returned marked “Rejected”.

  • No Response: The Seller simply chooses not to respond but your offer will remain alive until you withdraw it.

RATIFIED CONTRACTS & MULTIPLE OFFERS:

You will have a ratified enforceable contract when:

  • All parties have agreed, in writing, to all the terms without addition or amendment; and

  • A copy of the fully executed contract is delivered back to the other party.

Negotiating When There Are Multiple Offers

  • Awareness: You may or may not know if you are competing against other offers because the obligation of the Listing Agent to inform buyers of the existence of other offers is up to the Seller.

  • Acceptance: Seller will accept or counter only one offer, in most cases.

  • Best and Final: It is possible that the Seller will counter none of them and send them all back out the Buyer’s “best and final offer”.


Extreme offers generate extreme responses and often create a difficult environment for future negotiations where fair initial offers far more often create a climate of trust between the parties and lead to mutually satisfactory transactions. The worst thing you can do is deliver an offer that offends a Seller or insults his/her home and leads them to feel that you are not a person they are willing to work with in the future.


When creating an offer, ask yourself this question. “If I was the Seller of this property and I received this offer, how would I respond to it?” If the answer is not the one you like, then alter the offer until you feel that your offer will be well received.


Be careful about placing time limits on your offers. We will discuss whether or not placing a time limit on your offer would fit in your circumstances.

BROOKE MILLER, REAL ESTATE, LLC
Long & Foster, Realtors   |   All Agents Licensed in Virginia

(540) 604-9138

1910 William St, Fredericksburg, VA 22401, USA

©2020 BY BROOKE MILLER REAL ESTATE: LONG & FOSTER REAL ESTATE

Brooke Miller Real Estate
BROOKE MILLER, REAL ESTATE, LLC
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Long & Foster, Realtors   |   All Agents Licensed in Virginia