The Tribune

By MIKE LIGHTBOURN YOU'RE ready to list, but are you ready to sell? Let's say that on the first day your home is for sale, your agent shows it to prospective buyers. They love it, and make an offer on the spot. You were asking $345,000, and they offer $325,000. Because of pressing circumstances, they need an answer right away, by 6pm. What do you say? You don't say, "We just can't give you an answer that soon." These buyers are motivated and prepared to buy your home, with a written offer and a deposit. So how do you make up your mind so quickly? You must simply decide what your rock-bottom price is before your home is even shown. Be prepared to negotiate on-the-spot by first asking your agent for a "Net" sheet based on your asking price. The sheet will show what expenses must be paid out of the gross sales price, i.e. closing costs, brokerage fee, the payoff on your existing mortgage, etc - resulting in the "net" proceeds that you will receive at closing. Next, ask the agent to figure other net sheets based on receiving 95 per cent or even 90 per cent of the asking price. This helps you determine the absolute lowest offer you can accept. Once you know that figure, keep it to yourself and be prepared for all possibilities! Special note: The above assumes that your property is properly priced and not at some "pie in the sky" figure you feel you must achieve. Remember, if you overprice your property, it will languish on the market and you will discourage any offers. Price it right from the start. Often the first offer is the best offer. Mike Lightbourn is president of Coldwell Banker Lightbourn Realty