1. Renovate Your Home | 2. Ten House-Selling Tips | 3. Manage the Sale | 4. Set an Asking Price
5. Accept an Offer | 6. Attend the Closing Meeting

5. Accept an Offer

Congratulations! You have a purchase offer on your home! Should you accept it? Deciding whether to accept an offer is often the hardest part of the selling process...as well as the most exciting. You can choose to accept the offer, reject it or make a counter-offer.

What are the most important considerations when deciding to accept a bid? Consider the following carefully:

The bid price. Any offer within 3 to 5 percent of your asking price can be considered a good offer. Your real estate agent may urge you to consider accepting it unless there is another bidder that might bid higher.

Buyer is prequalified. A buyer or real estate agent should present you with a qualification letter from the lender that shows the buyer is qualified to pay for the home.

Contingencies. Is a buyer making an offer contingent on selling his home, the results of an inspection, or something in your house being fixed? Make sure that the contingencies are restricted within a specific timeframe.

Property Agreements. Put all agreements about the property in writing. For example, if the buyer will buy the property only if the roof is repaired or the washer and dryer come with the home, include this in the agreement. Be sure to include in the purchase agreement the maximum price you've agreed to pay for repairs.