What are the steps involved in receiving and analyzing an offer?

By Shayne Bowen

When one is selling a property, the offer process begins when I receive a phone call from the buyer's agent, indicating that we have an offer on the property.

Here are the steps I follow when receiving and analyzing an offer on a property:

  1. Once I have received a phone call from the buyer's agent indicating that they have an offer on the property, my first step is to ask the buyer's agent to fax me an advance copy of the offer.
  2. I ask the buyer's agent several questions relating to the financial qualifications and needs of the buyer. Some of the questions I ask the other agent are:
  1. Once I receive an advance copy of the offer by fax, I thoroughly review each clause before presenting it to my client. I note each of the positive aspects of the offer, as well as the aspects that are of concern.
  2. I then draft a tentative response on my computer, anticipating the items that may be positive, as well as the aspects of the offer that are of concern.
  3. I note those clauses in the offer that may not seem like matters of concern to the client, but that represent technical issues that could be of importance.
  4. Once I thoroughly review each clause in the offer and draft a tentative response on my computer, I then phone my client to present the offer to them.
  5. I explain to my client the contents of the offer, taking care to note the positive aspects of the offer, and those that are likely to be of concern.
  6. As I explain the contents of the offer, I identify "homework items" that I will need instructions from my client on.

Final Steps In The Offer Review Process

9. I then write up our response, which is called a "counter offer."

10. I then deliver or fax the counter offer to my client.

11. I go over the offer and counter offer in great detail with my client.

12. If everything is fine, I obtain written approvals from my client.

13. I create a cover letter, to present our counter offer to the buyer's agent.

14. I deliver the counter offer and cover letter to the buyer's agent.

15. I call the buyer's agent, and explain our counter offer in detail.

16. I monitor the negotiations very carefully, and work hard to create a new transaction that works well for my client.


Conclusion

The items above constitute just the highlights of the offer analysis process. A great number of other items often need to be considered!

In all cases I guide my client through the various detailed issues that must be considered in order to respond prudently and professionally to the purchase agreement.

Attention to detail now will pay significant dividends for the wise seller of property!

If you would like a complimentary, personalized property value analysis, please phone Shayne Bowen at 707 577-8200! (Alternately, you may click here to make a request for a personalized property value analysis.)  
If you are interested in making a purchase or exchange of a property, please phone Shayne Bowen at 707 577-8200! (Alternately, you may click here to request information on potential properties for you.)