We did not accept the offer on our home!
What happens when you knock back an offer?
When we first list our home for sale there are many things that may happen, but what we are all looking for are the offers. Before any offers come forward it is the marketing of the property that will generate the interest and inquiries, it is the marketing of your home that will determine the offers that will come forward along with a realistic asking price.
Once your inspections commence it is at this crucial time that will determine the initial offers. In a stable market usually offers will come forward within the first 4 – 8 weeks, offers may come quicker and on occasions they may take longer, it will depend on availability of homes on the market and the general climate of the market, along with the marketing campaign.
As a good rule, usually the first offers and negotiations of the property are a very good indication of were the value of the property sits in the current market. If these negotiations break down there is a very good chance that you may not achieve a similar sale price in the immediate market, the first offers are usually the best offers and a very good indication of the value of your home at the time.
In the event that negotiations brake down with the first buyer, be ware as this may have a substantial detrimental impact on your initial asking price. Make sure that you are in constant contact with your agent and seeking their professional advise. There is a real danger that the offer that was made and then rejected may have been the best offer you will get at this time of marketing. Hopefully there will be more offers coming, assuming the marketing and asking price are set well.