Selling Your Home? Do you need to accept the first offer you get?

Q. As a seller, do I need to take the first offer that comes in?  What else can I do?

A.  Offers, even very attractive ones, are rarely accepted as-is.  Usually a Seller will be willing to accept some of the Buyer’s terms and want to modify others.  This is done by making a “counter offer.”  Counter offers, for example, may be based on:

Price — The Buyer has made an offer below what the Seller is looking for;

Closing Date – The Seller cannot meet the requested date;

Household Items – The Buyer has asked for items not listed  – i.e. appliances, etc;

Most important to note is that for a contract to be binding, the initial offer, and all counter offers, must be in writing.  Any changes to a contract must be initialed by all parties.  There is no contract until all parties have initialed all changes and signed.  Until this is accomplished the property could be sold to someone else!

Published in: on March 22, 2010 at 8:41 am  Leave a Comment  

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