Steps involved in selling process for mortgage

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hey y'all zach mcdonald your real estate agent with real property associates and we've now reached the exciting part in the process of selling your home and that is negotiating offers step number seven in the home sales process is receiving and negotiating offers for sellers this is the part you've been waiting for this is what we've been working towards we've done all this prep work on your house we've got all the marketing together we've done showings and maybe some open houses and we finally have an offer yes i think for the offer process if you're in a competitive market like we find ourselves right now in seattle sometimes you're having multiple offers on houses and maybe you're hearing stories like that and the typical process for these competitive situations is we'll put the house on the market maybe on a wednesday or thursday and then look at offers that following week maybe wednesday or thursday so typically about a week on the market this gives buyers the time to come and look at your house and maybe if they're away for a couple days they can still get out there it allows buyers to potentially do some additional due diligence which we'll talk about next on your property up front and it it really does do a good job of capturing the buyers that are out there right now we want to make sure everybody has the opportunity to come look at your house so if the market's hot we'll do an offer review date and we'll schedule it out usually about seven days out in a slower market if it's not as competitive we will probably not establish an offer review date and we'll probably look at offers as they come in either way there is a benefit and a negative to each option i think the benefit of having that offer review date far outweighs any negatives for not having one sometimes buyers will make an offer anyway early and hope that you'll take their offer and sometimes they'll add some incentives or change some terms around and make it a little more exciting to you and other times when you put your house on the market without that review date you'll have a whole bunch of people scrambling to see your house and have some crazy offers right out of the gate so really you can go either way but this is a conversation that we would have as we're getting your house ready to list when we're looking at offers we are going to be looking at a few things the first thing we're going to look at is the price what are they offering you now we want to see the asking price that's what every seller wants to see and if you're watching this and we're in a competitive situation you're probably wanting to see more than the asking price but we don't want to see less than the asking price at least not right away now the other things we'll be looking at in the contract we'll be looking at the terms and we'll also be looking at the contingencies included so price number one how much am i going to get for the house and we'll have conversations about that and it is ultimately a back and forth negotiation on the price terms and the contingencies the whole contract the terms in the contract might include the earnest money amount that's the good faith deposit that the buyer's putting down and other things like closing date etc the contingencies are those opportunities for a buyer to back out of the contract these are what i call the buts in the contract and when you have contingencies the buyer has opportunities to back out of the contract and retain their good faith deposit so as a seller i always coach people you want to you want to get the best price for your house but you also want to have the best package of price terms and contingencies because maybe somebody's offering you the best price over here but the rest of the offer isn't as good and maybe they have a lot of opportunities to back out of the contract and your chance of getting the money is is smaller so as a seller you want to weigh the whole package and get the best price but you also want to have the best guarantee that you're actually going to get your money and as a real estate professional my job is to walk you through this process coach you through this process help you understand the pros and cons of each offer and help you ultimately make the best decision possible you