Price.
Don't be shocked if the offer isn't for your full asking price. The amount offered is influenced by what the buyer knows about recent sales of comparable (or "comp") homes in your area as well as what he or she is financially able to pay. A serious buyer won't "lowball" you—offer a price that's far below your home's fair market value.

Since fair market value isn't one magical price but a range, smart buyers will offer a price on the lower end of that spectrum. As long as you set the asking price at—but not too far above—the top end of the fair market value range, the gap shouldn't be too difficult to close through a round or two of counter-offers.

A serious offer will be accompanied by "earnest" money (or "good faith" money). The amount varies, but 5% to 10% of the sale price is standard. The money is held by a neutral party in "escrow."

The amount should be high enough to be a significant loss to the buyer, and adequate compensation to the seller, if the buyer walks away from the deal. However, if a buyer rejects the deal as a result of a contingency, he or she will get this money back unless the contract states otherwise. Your real estate attorney can function as the escrow agent for the deal, holding all money and documents until the close of the sale, or closing.

Financing terms.
This part of the purchase contract spells out how much of a down payment the buyer plans to pay and the mortgage loan terms (interest rate, points, length of loan) the buyer hopes to receive from the lender.

How can you know if the buyer will get the loan, thus smoothing the way toward a sale? An on-the-ball buyer will become "pre-qualified" for a loan or, better yet, "pre-approved." There's a difference:

Pre-qualifying simply entails speaking with a lender, who—based on asking some questions about the buyer's personal finances—offers an opinion of the loan amount the buyer is eligible to borrow. The lender doesn't ask for any supporting paperwork to confirm what the buyer says, and can decide later not to grant the loan. There's no charge for pre-qualification.

Pre-approval is a more complex process, and sometimes involves a fee. The lender requests volumes of information about a buyer's employment, income and debts to prove that he or she is a good risk.

A lender's pre-approval letter should carry more weight than a pre-qualification letter. It's proof of the buyer's buying power on paper, which may very well influence your decision if you're choosing among several offers. Make sure you run any mortgage documents by your real estate attorney.

Check with your real estate attorney or lender about whether your current mortgage is an assumable mortgage, meaning the buyer can take over the payments, and whether or not you'd be released from personal liability. Your attorney can let you know about any possible complications and your liability should the buyer default on the loan.

The buyer may ask you to personally finance his or her loan. For details about this course of action, click on Seller Financing.