Price. It’s important to know how an offer compares to the recent sale price of homes in your area. Is the offer at or near the asking price? Assuming the price of your home is realistic we may be halfway there.  Even if the offer is lower that you’d like, don’t be insulted.  Evaluate all the other points in the offer and make a counter offer.

If the offer is contingent? An offer that says the sale is contingent on sale of the buyer’s home can be risky. It means the deal won’t close unless the buyer sells his or her home, usually within a certain period of time. If the buyer can’t or decides not to sell, your deal will fall through and you will have wasted valuable time.  On the other hand, if the buyer’s current home is under contract to sell, the risk may be reasonable.  Your REALTOR can help you evaluate the pros and cons.

Timing. A closing date that meets your requirements, such as your need to move right away, or at the end of your child’s school year, might be worth more to you than the highest price. 

Who pays for what. Your REALTOR can help you figure out what’s customary for the area and the current market conditions.  They can prepare an estimate of your net proceeds so you know what the bottom line is.

Items included in the deal. Most offers will ask for you to include everything permanently installed or attached to your property, such as light fixtures, built-in appliances and window treatments.  Sometimes buyers ask for furniture or removable appliances so make sure you know what is in the offer.

Is the buyer pre-approved? A great price doesn’t mean much if the buyers can’t get a mortgage. You will want to see that the buyers has a preapproval  letter from a reputable lender or proof that they have the funds to close without financing.

Size of the deposit. A serious sales offer comes with an earnest money deposit which is usually held by the escrow company.  It can be any amount but a larger deposit can  indicate a higher commitment on the part of the buyer.

Inspections and repairs. Nearly every offer will be subject to the buyer having a home inspection. The buyers generally pays for this and with any other reports they wish such as testing for lead based paint, asbestos, radon gas, etc..  Often sellers are asked to furnish a Wood Destroying Pest Control Report and pay for necessary corrective work.  Once all these reports are in hand the buyers and seller will often negotiate on what the seller will fix and what the buyers will accept in  it’s present condition.

Clauses that can cost you money.  The devil is in the details.  Make sure you know about everything the buyer is asking for that can affect your bottom line.  For example an offer may ask you to pay a portion of the buyer’s closing costs.  That may be agreeable but make sure the exact amount is specified or there is a cap on how high the costs can go. 
This article is intended as only a rough overview.  It’s important to sit down with your REALTOR® and go over every offer. A good agent will explain what every clause means to your bottom line. They are also skilled negotiators. Often an initially unacceptable offer can be negotiated to one that will work for you.