Before responding to real estate offers it’s a good idea to understand how they arrive and what your real estate agent has to do with them. Learn what you can do when an offer to purchase is received. Let’s start.
- Offers will be presented via your listing agent.
- Most offers will be in writing.
- Rarely are offers made verbally.
- All offers must be presented to the seller right up to closing.
- Multiple offers can occur.
- The seller can reveal details of one buyers offer to other buyers, it’s their choice not any of the buyers.
- An offer becomes a contract only when signed by all parties and DELIVERED.
The Best Offer
What you want is an offer from a buyer who is financially able to buy your home for an amount and terms acceptable to you. The best offer will have a completed and signed legible written contract, nothing ambiguous or missing; all disclosures that you made are read and signed; financial documentation to prove ability to buy, and full price with terms that work well for you. I would add that a copy of an already written earnest money check shows commitment.
The Worst Offer
Incomplete paperwork makes it hard for you to seriously consider any offer. Written offers that do not provide all the terms the buyer is requesting; how can you respond to things you don’t even know. Verbal offers are not the worst but they are a little “lose” and mistakes can so easily be made. Ridiculously low offer prices compared to market value are usually insulting. Out of date supporting documentation. I could go on but you get the idea.
The Multiple Offer
Not necessarily received at exactly the same time but before you have decided, signed and delivered on one offer; you get another.
Responding To Real Estate Offers
Our written contract forms are 12 pages long. That’s a lot of information and we’ll go through it all with you. You should consider every aspect of an offer submitted, starting of course with how complete it is. The terms offered will include variables such as price, closing date, mortgage loan information, subject to a buyers sale or closing. A lot of our contract is boiler plate content and cannot be changed by REALTORS®, we are only permitted to fill in the blank spaces.
Once you understand what an offer comprises, you’ll be responding to real estate offers either by:
- Rejecting the offer outright.
- Accepting the offer as it is.
- Countering any part/s of the offer.
Signed, Sealed and Delivered.
Once terms are agreed the original written contract must be revised and then signed by all parties to become a contract. Only when delivered to all parties does it become enforceable.
You may continue to show your property to buyers if you wish, that’s your decision to make and only yours. In the event other offers are received, we’ll present them to you, it’s the law.
Start getting offers on your home. Request your listing appointment now.