So, you’ve decided to sell your home and you have the first offer on your house. What should you know about accepting it, and the process? In this article, we’ll discuss the basics about considering and accepting an offer on your home. Get the details below!
1. Consider The Price – And Your Options For A Counter-Offer
When you get an offer, you have three basic choices. First, you can accept the terms and sign the offer.
Second, you could make a counter-offer to the buyer, and make some changes. In most cases, they will send back a counter-counter-offer – and a series of such counter-offers will take place before the final agreement is signed.
Third, you could reject the offer entirely, if it’s for a below-market price, or there are other issues with the contract.
Your realtor should be able to help you understand what your best option is, based on the details of the offer.
2. You’ll Have To Meet The Response Deadline
Usually, you’ll have to respond to a contract offer within 1-2 days. It’s best to try to get the longest time frame possible, and you can counter with a shorter time-frame, if the deadline is unreasonable or impossible to meet.
3. You’ll Need To Understand The Fine Print
Going over the contract with a real estate agent or a lawyer will help you understand any fine print, such as when you need to vacate the property, whether the home purchase is contingent on selling another home, conditions for things like natural disasters, financing details, and more.
Before you sign the offer, make sure that you understand all of these details. They’re important, and once you sign the offer, you won’t be able to change it without an amendment,
4. The Buyer May Be Able To Back Out After A Home Inspection
Most purchase agreements have what’s known as a “contingency clause”, which will allow the buyer to back out of a transaction if certain conditions aren’t met. One of these conditions is – almost always – a reasonably good condition of the home, as reported by an independent home inspector.
The buyer will hire a home inspector, and they will take a deep look at your home, providing both parties with their findings. If serious problems are found, the buyer can back out. Other, more minor issues may simply result in price renegotiation.
Need Help Understanding Offers And Real Estate Contracts? Contact Us Today!
The process of selling your home can be quite complex, and failing to review an offer properly before signing it can cause a number of issues. That’s why it’s so helpful to hire experienced real estate agents to work with you who know the area and the industry.
Our agents are RE/MAX Experts can walk you through every step of selling your home, and make sure that you understand each offer on your home completely, so that you can make the right decision. Get in touch with us today if you have any real estate questions!