The Offer to Purchase
Eventually, the day will arrive when an offer to purchase your house is made. Sometimes it is sooner than you may expect, but selling a home can take time, months in fact. Your realtor is required to present every offer from potential buyers. It is up to you to decide whether the offer is acceptable. Generally the person making the offer will expect an answer in as little as 24 hours but can make the offer good for a certain number of days. If you do not respond within the time frame indicated, the offer is considered void. Once you receive an offer, you have a number of choices to make. You can accept the offer and move on to the next step. You can reject the offer outright. You also can counter offer and put the ball back in the buyer’s court. It is at this time that items in the house can be included in the offer or that the buyers will offer x dollars for the house subject to x dollars being returned to them at closing or certain conditions being made. Again, this is where your realtor is important. Negotiating is an important role the realtor plays. He or she can provide valuable advice at this time. His or her skill and expertise is very often the difference between progressing toward closing or calling a halt to the proceedings. The realtor can put the offer in perspective and try to keep the parties focused.
The Offer is Accepted. Now What? »