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Accepting an Offer

The Price Is Not Always Right.

“The higher the price, the better the offer.” This is a popular misconception when it comes to accepting an offer.  It’s important to remember that the first offer that you receive is not necessarily the only offer, nor is it final.  There are several terms and conditions that can influence a good offer.  Here are some of them:

  • Closing date

    • If you are looking to move in a particular timeframe or need to stay in your home for an extended period prior to closing, the closing date may be a very important part of your offer acceptance.  It’s important to know what timeline you are dealing with when it comes to moving forward.
  • Mortgage contingency

    • Buyer financing is an important consideration.  Typically, when someone gives a cash offer the deal has less chances of obstacles and is easier to close.  Mortgages with FHA or VA financing have more steps to go through before closing can happen.
  • Inspection contingencies

    • A buyer can elect or waive certain inspections on the home when making an offer.  If you are looking to sell the home “as is”, or make minimal repairs, it may be in your best interest to consider an offer that has little to no inspection contingencies.
  • Additional terms

    • Sometimes additional terms will be included in the offer such as a home sale contingency, an appraisal contingency, a price escalation clause, or a letter from the potential buyer.  All of these should be considered when deciding about which offer to accept.

You can trust our professionals to help you thoroughly evaluate every proposal without compromising your marketing position.

Negotiating The Right Way.

We take the ethical responsibility of fairly negotiating contractual terms very seriously. It is our job to find a win-win agreement that is beneficial to all parties involved. You may even have to deal with multiple offers before choosing the one that is most suitable for you – and as your agents, we will guarantee a thorough and objective assessment of each offer to help you make the right choice.

The Initial Agreement.

Congratulations, you have accepted an offer presented by a buyer! An executed agreement is a legal arrangement between a potential purchaser and the property’s seller.

Hand Money Deposit

Most real estate transactions require hand money, or a percentage of money that is held by a brokerage or the title company to ensure that the buyer is serious about purchasing the home. This deposit protects the seller if the buyer backs out of the contract. If the contract closes smoothly, the hand money is applied to closing costs. Hand money is determined in each individual contract and is typically 1-3% of the purchase price. The deposit is due within five days of the executed contract. 

Some important tips to keep in mind to streamline the process even further:

  • Keep written records of everything.
    For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counteroffers and addendums and convert them to written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your sale and make sure that you have copies of everything.
  • Stick to the schedule.
    Now that you have chosen your offer, you and the buyer will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations and ensures that each party involved is not in breach of their agreements. During the process we will keep you constantly updated so you will always be prepared for the next step.
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