They can be difficult to know exactly what to do when you receive a written offer for your home. After receiving a written offer from a potential buyer you can work with your real estate agent to find out whether or not the individual has prequalified for a mortgage to purchase your home. As long as the person has a preapproved mortgage you can then begin to review the proposed contract.
An offer may have a variety of different conditions as well as sections that you need to review before accepting it. If you fail to review certain conditions within an offer it could mean that you will be forced to move out early by contract or that you are unable to unlock value that is within your home. Over the course of your negotiation in the offer your real estate agent will help you to review the written offer and explain all of the conditions that have been outlined in the offer as well.
An offer will generally contain a description of the property as well as the price that the potential buyer has offered up for you. This price will include the down payment as well as the way that the potential buyer is going to pay for the down payment and the remaining sum of the finances. The fees for each real estate agent as well as for closing the deal are all listed in the offer as well. If there are any conditions such as a closing date, any appliances that the buyer would like, or any work that they would like to have done to the home before they move in, these can be added into the written offer as well.
After you have read over the offer and reviewed it you can then start the negotiation process by making a counter offer or simply accept the contract as is. If your home has been on the market for a long period, accepting the written offer could be a better move than generating a list of demands in a counter offer. If you really need to sell your home accepting the contract is probably the best way to get out quickly as there is always a chance that the potential buyer will reject your counteroffer.
Once you and the potential buyer have signed your written offer it becomes legally binding. There is no way to submit a counter offer once you have signed the paperwork so it is very important to consider each part of the document and bring up any questions that you have with your real estate agent.
Offers can sometimes take a while to hash out especially if there are conditions included with the offer as well. Things such as repairs, landscaping and painting as well is the move-in date are highly negotiable and should be hashed out at the time that the offer is signed.
By working with your real estate agent you can get a fair price for your home and also work your way through any written offers that you receive to make sure that you don’t end up accepting a bad offer.