Home > Home Sellers > Accepting an Offer
By now, you've probably realized that real estate makes good conversation. When discussing your potential sale with friends and neighbors, you've gotten a pretty good idea of what's selling, what's not, and how much people are, generally, willing to pay.
At this point, you may have received an offer that you can't (or can) refuse. When your Realtor® brings the offer to you, they will advise you on whether he or she thinks the price the buyer has suggested is fair. Take your time, and consider the offer. There is no need to rush a decision and, then, regret it.
While you weigh the offer, you'll want to take into consideration the current state of the real estate market. Are houses in your neighborhood selling quickly, slowly, or not at all? Also, consider your own time frame, obviously, if you're facing a job transfer and need a quick sale, you'll have to be more flexible about price than if you have all the time in the world to sell.
Take it to heart, sellers often leap to the conclusion that one offer will lead quickly to others. That is not necessarily true. The one predictable factor in the real estate market is that it is totally unpredictable.
If you and your potential buyer are not in the same mind-frame when it comes to price, you might be able to change their mind by offering a few concessions. You could, for example, throw in appliances, tools and etc, to make the sale more attractive to them. You might even agree to make certain improvements before the closing day, such as repainting or installing new carpeting. Your Realtor® may be able to discuss various financial incentives as well. (Such as "buydowns", "assumable" loans, and "second mortgages.") This will, generally, instill confidence in the potential buyer that your house is warrantable.
Every Detail Counts
Whatever terms you and the buyer finally agree upon, it is important to make certain every detail of the agreement is included in your contract of sale. Usually, your Realtor® will be able to complete some pre-printed standard form contracts for you. These forms will have space for any additional conditions of sale. You may still wish to take it to an attorney and discuss it, in detail, before you sign. Contracts, generally, will include: the total price, the amount of the down payment, the date upon which the closing will take place, a precise description of the property and any other terms of sale you and the buyer have agreed to include. Any Realtor® can tell you about buyers and sellers arguing over items that are included and items that are not included in the sale. It is important to include everything in the contract so the sale will go as smoothly as possible. In some cases, closings have been jeopardized over this matter.
Added Assurance
Your contract should include an assurance that the property conforms to local zoning regulations, has a certificate of occupancy, and contains no elements that violate local, state, or federal laws. Also, many contracts routinely give the buyer the ability to have a professional inspection of the premises before the closing . The seller, generally, must correct any problems uncovered during the inspection before the closing date.
Be Patient
Delays happen frequently because of the large volume of paperwork involved in completing financing. So, expect to do a little waiting. Most buyers, to protect themselves, will insist that a provision for cancellation, without penalties, be made if they're unable to get a mortgage. They might also ask you to make your sale contingent on the sale of their current home. This is a very touch-and-go subject. If the buyer has signed contract of sale from his buyer, you might be willing to consider that clause in your contract. But, if they have no contracts being worked on for their house at the time, you would be foolish to allow such a provision. What you are essentially giving the buyer is a no-cost option to buy your home that sounds something like this: "If I sell mine, I'll buy yours."
Discuss the situation with your Realtor®, but also, keep your house on the market. Insert a clause into the contract that will give you the opportunity to accept a new offer and terminate this contingency or the contract altogether.
Just because you have accepted an offer does not mean the sale will go through. There are documents to be processed, home inspections, contingencies, etc, and the buyer must obtain financing. It would be heartbreaking to spend unnecessary time and money going to contract on your new house only to find that the sale of your present house has fallen through. The best, and most practical, course of action is to wait until you are absolutely sure the sale is complete.
With hope and patience, all should go well. You will then be able to take the last two steps of finalizing the sale, the closing and the settlement.
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