If you are selling your home, you may have received an offer on it, or many offers in this market. How exciting! However, are you aware of how you should go about accepting an offer for your house?
Getting the most bang for your buck when it comes to selling your home is certainly of importance! After all this is a big decision and should be given a great deal of consideration.
Are you aware of what you should do when you start showing and offers come in on your home? If not, you are in luck, as here at Kim Holland Homes, as Massapequa realtors, we have gathered some helpful insight so that you can learn how to go about doing so. If you are all set to take in some great information, be sure to continue reading:
- Create An Offer Deadline. First off, to drive interest to your property, it is recommended to establish an initial deadline for offers once your home goes on the market. By having an offer deadline just a few days in the future, know that buyers won’t have enough time to discover another property. In addition, know that it’s always best to create a bidding war, as you should hopefully have multiple interested buyers from the start. Offers come with different timelines, types, terms, and down payments, so you want to select the one that gets you to the closing table and works the best for your situation.
- Whether you have received one offer on your home, or many, you will certainly want to accept the best one! In some cases, negotiations can take place. So, even if an offer comes through that you like, know that you don’t have to accept every term of it. So, whether you make a counteroffer, request a different closing date, or offer to make some changes to the home, if asked, it’s important to just be cordial and keep the buyer’s preferences in mind if they are reasonable to you.
- Accepting an Offer. Once the buyer and the seller have agreed on a price and terms, it’s time to move forward with the transaction. The next step in the process is to go under contract, meaning that both parties will need to sign documents that will note their intent to move forward, along with establishing a closing date, along with any other terms or conditions that are necessary to complete the deal.
- Signing the Purchase Agreement. Part of accepting an offer on your home entails the signing of a purchase agreement. The buyer will always sign the contract first so if there were any edits or changes, your attorney will see them before you sign. Once you have signed the purchase agreement, the buyer then has the legal right to purchase the property. Once the earnest money is deposited, the sale moves into escrow. In general, a purchase agreement outlines the following:
- Identification of both the buyer and the seller
- A legal description of the property
- Financial information
- The purchase price
- Buyer financing
- The earnest money deposit amount
- Closing costs
Accepting an offer on your home should be an exciting experience! We hope that this information has provided you with some helpful insight to assist you with selling your own home.