You've listed your home for sale, and have high hopes of attracting a full-price offer. You're excited and enthusiastic because your agent has shown your home several times. Now, you've received a purchase offer that is several thousand dollars less than your asking price. What should you do?

First, don't panic. Offers lower than the asking price are not uncommon. What's at stake is not the asking price, but the "NET" amound of cash you receive from the sale. It's really your "equity" which needs to be protected.

Here's an example: When you listed your home, you probably assumed that you'd be responsible for some of the buyer's closing costs. This could amount to 2% - 3% of the sale price. In addition, buyers often hold sellers responsible for needed repairs disclosed by a home inspector - perhaps another $500-$2,000 out-of-pocket.

To determine the net value of any purchase offers received, ask your agent to prepare a "net" sheet, an itemization of the sale price minus all expenses of sale. If the buyers agreed to accept your home "as-is" and pay their own closing costs, you might actually "net" more money by accepting the low offer.

Avoid making snap judgements when faced with an apparent low offer. Your agent can put the offer in perspective and help negotiate a winning transaction for all when you focus on the "net."