Are you selling your home? Do you need to accept the first offer that you receive?

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

A. The simple answer is No.  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;

Deposit– The Buyer is not putting enough money into escrow to satisfy the Sellers concerns and potential losses that will be sustained should the Buyer default.

Closing Date – The Seller cannot meet the requested date;

Household Items – The Buyer has asked for items not listed  – i.e. appliances, window treatments, 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 April 8, 2011 at 10:18 am  Leave a Comment  

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