You may then accept the offer, reject it, or counter it. Countering the offer begins negotiation. Successive counter offers, with deadlines for responding and for meeting various contingencies and special conditions (e.g. a home inspection, the buyer securing financing) will be exchanged between you and the buyer until either a mutually satisfactory pending agreement is reached or the negotiations collapse.

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Basic principles for successful negotiation

• Disclose everything. Smart sellers proactively go above and beyond legal necessity to disclose all known defects to their buyers. Most states have property disclosure forms. Use them.

• Ask questions. Offers may contain complicated terminology, sometimes three or more addenda. Your professional agent can help to clarify.

• Respond quickly. When buyers make an offer, they are in the mood to buy. But moods change, and buyers are known to get buyers’ remorse. Don’t delay if you want the sale.

• Stay calm and be patient. At all times keep communication civil and agreeable.

• Meet halfway. If there are disagreements about relatively small expenses, consider splitting the difference and smile.

• Be cautious with contingencies. When you’ve landed your buyer, your signed acceptance of a written offer becomes a sales contract. Except for removing any contingencies, this document is the binding basis for the sale.