The first offer on your home is an exciting moment, and it can also be a confusing one. The number at the top of the page gets the attention, but it is only one part of what a buyer is proposing. In our experience, the sellers who feel best at the closing table are the ones who looked at the whole offer, not just the price.
Here is how we help sellers in the Somerset Hills read an offer and decide what to do next.
Look Past the Headline Number
Two offers at the same price can be very different. As you read, look at:
- Financing. Is the buyer paying cash or using a mortgage? If financing, how large is the down payment, and is there a pre-approval letter from a lender we can speak with?
- Deposit. A meaningful deposit shows commitment. Note when it will be paid and who will hold it.
- Contingencies. Most offers are subject to a home inspection and a mortgage commitment. Some also depend on an appraisal or on the sale of the buyer's current home. Each one is a condition that could let the buyer walk away or renegotiate.
- Timing. What closing date is proposed, and does it fit your plans? A buyer who can match your timeline may be worth more to you than a slightly higher price with a date that doesn't work.
- What's included. Check which fixtures, appliances, and items are part of the deal, and confirm anything you plan to take with you.
Weigh Certainty, Not Just Price
A useful question is: how likely is this offer to actually close, on these terms? A clean offer with strong financing and a sensible inspection period may serve you better than a higher one with a home-sale contingency or a thin down payment. We look at the full picture together and talk through the risks of each option before you decide.
Your Three Choices
When an offer arrives, you can generally:
- Accept it as written.
- Counter it, changing the price, closing date, contingency periods, or other terms.
- Decline it, though we usually suggest responding in some form. A thoughtful counter keeps the conversation going.
When you counter, focus on the terms that matter most to you. Countering on every point can stall a negotiation; adjusting the two or three items that really affect you tends to keep momentum.
When There Is More Than One Offer
Interest sometimes arrives all at once. When it does, we keep the process fair and orderly. A common approach is to let every interested buyer know there are multiple offers and invite their highest and best terms by a set deadline. That gives each buyer the same chance and gives you a clear side-by-side comparison. We then lay the offers out in a simple summary so you can compare price, financing, deposits, contingencies, and timing at a glance.
Remember Attorney Review
In New Jersey, once a contract prepared by a real estate licensee is signed, it typically goes into a three-business-day attorney review period, during which either side's attorney can propose changes or cancel. An accepted offer is an important step, but the deal is not final until attorney review concludes. Our earlier post on attorney review and closing costs explains the process in more detail.
Keep Emotions in Check
It is natural to feel disappointed by a lower offer or to feel rushed by a strong one. Try to treat every offer as information. A low offer still tells you a buyer is interested and may be negotiable. A strong one deserves a careful read before you sign. Take a breath, ask questions, and lean on your agent and attorney.
The Takeaway
The best offer is the one that combines a price you are comfortable with and terms likely to get you to the closing table on schedule. Read the whole offer, weigh certainty along with price, and counter with purpose.
Thinking about selling, or weighing an offer right now? Call Fahey Realtors at 908.204.0600 or visit us at 61 Claremont Road in Bernardsville, NJ 07924. We will help you compare your options clearly.
