Should You Ever Accept the First Offer When Selling Your Home?

Should You Accept the First Offer

Navigate the Home Sale Offer

When it comes to selling a house in Brookings, there are no hard and fast rules as to how the process should go. One of the most challenging aspects of selling can be the offer process and it’s natural for homeowners to be hesitant about accepting the first offer. It can lead to a lot of second-guessing.

What if another buyer comes along and offers more?

What if I can negotiate a better offer from this buyer?

A case of the what-ifs can make the decision between declining or accepting an offer much more difficult. To help you navigate this process confidently, the professionals at Brookings Home Team have highlighted the instances in which you should accept the first offer during a home sale.

The Strategy of Accepting the First Offer

Accepting the first offer when selling your home boils down to the two Rs: risk and resources. When you follow a wait-and-see approach to selling, you’re essentially risking guaranteed money for a potential payday. Also, without enough resources, following a wait-and-see strategy can lead to desperation further down the line if your house doesn’t sell. By navigating the process with the two R’s in mind, you’re far more likely to manage your emotions and make judicious decisions.

You might be asking, “Why lose a guaranteed offer if I don’t need to?” Putting the two Rs strategy aside, your current living and financial situation will heavily influence your decision. That being said, there are specific instances when you should accept the first offer and our team has listed four of them below.

You Are Already Moving

As many of us well know, selling a home can be a stressful process, and negotiating offers may turn up the pressure even more. When you’re moving out of town or out of state, accepting the first offer means you get to move without the stress of paying a mortgage on a home you don't reside in.

You Inherited the House

If you inherited the home that you’re selling, the smart decision is to accept the first offer. While receiving an inherited property can seem appealing, the cost of owning a home you didn’t buy isn’t as attractive when you start crunching the numbers.

You will be responsible for mortgage payments on the house. If you don't plan on residing there you will have to find tenants. Furthermore, if you are going to test the open market by waiting for other offers, you may be surprised by hidden flaws that could cause other offers to fall through. Selling to the first offer means you're able to reap the benefits of inherited property.

The Real Estate Market Is Slow

If the real estate market is booming, where homes are being sold every few days at above-average prices, waiting is in your best interest. In most other instances, a bidding war is less likely, especially if there are other homes on the market with comparable features and characteristics. If this is the case, not only are you ensuring a sale, but you are also ensuring the potential buyer doesn't find another home at a better offer.

That being said, there might be other homes in the area that have spent a long time on the market, not just yours. If houses in your area have substantial days on the market it could be a trend. Choose to sell while you still have a buyer’s interest rather than gamble on the open market.

It’s important to note that not every first offer is a good offer. There are situations when you can afford to be patient. The cons of accepting the first offer include missing out on more money or better terms from other prospective buyers. And if you're in a hot market, accepting the first offer just goes against the grain—unless it's a once-in-a-lifetime deal. Furthermore, if you are wary about the first offer, discuss it with real estate specialists like Brookings Home Team. We understand the market and have insight into relevant data.