What Happens Next…When An Offer Comes In
When an offer comes in…
All offers will be presented by your agent or their back-up agent. If the offer is written from an agent other than your agent, that agent may elect to meet with you and your agent so that all the terms and background information can be shared.
There are many details to cover in an offer to purchase and it usually takes approximately 30 minutes to review. It is often best to do this at your agent’s office as additional forms or copies may be needed.
As the Seller, you always have at least 3 choices concerning the offer presented:
1. Accept the offer exactly as written, thereby binding the Buyer to the terms as soon as they have been notified of your acceptance.
2. Reject the offer as written. If there are too many issues with the terms or the price is too far below your needs, you can reject the offer entirely.
3. You can counter the offer. If there are certain terms of conditions within the offer presented which are just not acceptable, you have the option to write a “counter offer” which modifies the terms or price. Rather than reject the offer completely, this is often the best choice. At this point the Buyer can accept your changes, make additional changes back to you or reject your counter and withdraw their offer.
Buyers are always anxious to know if your home will be their new home. Be prepared to consider the offer and make a timely decision.
Once an offer is accepted…
The buyer will likely want to have an inspection. This will be controlled by the terms of the offer and will be discussed at the time the offer is presented. Once the inspection is complete, the Buyer may ask for some repairs. This is another opportunity to negotiate if necessary. You are not obligated to do any work requested, but the Buyer is not obligated to continue with the transaction should you choose not to do it.
The Buyer will make loan application shortly after the offer is accepted, and your agent will keep you informed as the progress and approval process. The lender will require an appraisal and again, this will be coordinated by your agent.
Once the inspection, appraisal and loan are complete, you will be notified you are ready to close (sign the transfer paperwork). This will happen according to the terms and dates stated in the offer. Your agent will review the settlement statement and an appointment is scheduled at the appropriate closing company (escrow company). Your agent will accompany you to the closing and help answer any questions you may have.
It usually takes about 45 days to close the transaction once the offer is accepted.