Step 14 to Selling Your Home: Reviewing Offers
Step 14 to Selling Your Home: Reviewing Offers
Fabulous news—we’ve received our first offer! 🎉 Now it’s time to carefully review the contract together and decide whether to accept, counter, or walk away.
Key Items to Review in Every Offer
When reviewing an offer, here are the main points we’ll focus on:
1. Offer Price
How does the offer compare to your asking price?
What’s the minimum you’re willing to accept?
2. Closing Date
In South Jersey and Pennsylvania, closings typically occur 30–45 days after contract acceptance.
Buyers may request more time depending on financing, their lease, or if they need to sell another home.
Cash buyers may close sooner (sometimes under 30 days).
3. Earnest Money Deposit
Typical earnest money is 5–10% of the purchase price.
A smaller deposit may indicate a special loan program (VA/FHA with lower down payments) or a financially weaker buyer.
4. Down Payment
The larger the down payment, the stronger the buyer’s financial position.
10–20% down is considered solid, though some loan programs allow less.
5. Closing Cost Credits
Sometimes buyers ask sellers to contribute toward their closing costs.
Example: An offer of $500,000 with a $10,000 seller credit is really a $490,000 net offer.
6. Buyer Agent Commission Requests
With recent industry changes, some buyers may ask the seller to cover their agent’s commission.
This directly affects your net proceeds and should be considered alongside offer price and credits.
We’ll review these requests carefully to see how they impact your bottom line and discuss whether it makes sense to negotiate.
7. Home Warranty
Buyers may request a seller-paid home warranty ($400–$1,000).
This comes out of your proceeds at closing.
8. Personal Property
Did the buyer ask for anything beyond fixtures (like furniture, lighting, or appliances)?
You’re not required to include personal items unless you choose to.
9. Contingencies
Common ones include:
Home inspection
Financing/mortgage approval
Sale of buyer’s current home
The more contingencies, the riskier the offer.
10. Riders or Addenda
Some offers include additional riders (inspection, appraisal, financing, etc.).
We’ll review these carefully to understand all terms.
What Happens Next
Once we’ve reviewed the details, you’ll decide whether to:
Accept the offer as written,
Counter with adjusted terms, or
Decline and wait for a better fit.
Negotiations can move quickly (a few hours) or slowly (a week or more). It depends on how responsive each side is and how many issues are on the table. The key is to stay patient—we’ll guide you through each step.
Bottom Line
Receiving your first offer is exciting, but the details matter. By carefully reviewing the price, terms, contingencies, and any requests for seller-paid commission, we’ll position you for a smooth transaction and the best possible outcome.
💡 Ready to review offers on your South Jersey or Pennsylvania home?
Contact Quarterman Realty Group at 609-948-4306 or info (@) quartermangroup.com and let’s evaluate your options together.
