Things to Ponder: Before you Reject that Offer (on your house)

Before you reject that offer you just received on your house think twice. Think long and hard about these things before you decide to reject it or even counter offer: 1) The longer your home stays on the market, the less money it will likely make. Buyers will begin to think something is wrong with it, since it hasn't sold right away. 2) If it's vacant, it is more likely that issues will develop and cost you money to fix. 3) If you have a mortgage on it, the longer you own it, the more interest you pay and the less money you net. 4) Insurance and taxes are still your responsibility as long as you own it. 5) What is the worry worth to you? Worrying about when will we get another offer? When will it sell? Why do we have to reduce our price again? Why didn't we just take that offer when we had it? What happens if we can't sell? Let's say you accept the offer presented to you (like it is, no changes) then the buyers are legally "under contract" to purchase from you and you begin the steps neccessary (according to the contract) to get to closing. If you make any changes to the offer (in price, conditions, terms, etc) then it becomes a counter-offer the buyers can reject, for any reason. If you reject it outright, the buyers will not likely ever make you another offer as they will see you as unwilling to negotiate and move on to other properties, of which there are many. Consider this: how many more months of mortgage, insurance, utilites, etc, do you want to keep paying? At what point have you wasted that profit by holding on to the house at "your price"? EXAMPLE: If mortgage monthly payments are $1,500 and monthly insurance, taxes and utilites are (combined) $250. then 4 more months of ownership would cost you $7,000 additional dollars. That does not include POA/HOA/Condo fees, interest accrued on the mortgage or any issues that develop in the house and what about your relocation expenses? Did you have to shell out money for hotel rooms, meals out or rentals while waiting to close on this home? It may have been easier and wiser to accept the offer that was $5,000 low in the first place. Think it over. Talk to your REALTOR*. Selling a home can be emotional ... try to seperate yourself from it personally ... it is now only a business transaction. You have already decided to sell it, let it go. Keep only the memories. It is someone elses home now. Take your money/profit from it and go make your next house a home.