Understanding Your Offer
An Offer to Buy
Ask your Real Estate Agent if you are to be present when the offer is submitted. In some areas this is customary; in others, your agent acts as your representative. Reviewing a buyer’s offer is an extremely important step in selling your home. Your Real Estate Agent will assist you, advise you on the best course of action and answer any questions you have.
Your Options
Once you and your Real Estate Agent have thoroughly reviewed the buyer’s offer, you have several choices.
Accept the terms with no changes and sign the offer.
Make a counteroffer to the buyer by making some changes. In some cases, many counteroffers will take place before the final agreement is signed.
Reject the offer entirely.
Once you’ve signed an offer, you may accept a backup offer if that buyer clearly understands the house is under contract. The backup offer becomes effective only if the first offer falls through and the transaction fails.
Price
Consult with your Crestico Agent to determine a price. Your agent can estimate your proceeds – the sale price minus fees, taxes and insurance.
Don’t be concerned if the offer you receive is exactly your asking price. It doesn’t mean you under-priced your home, but rather that you priced it accurately.
If the price is less than you wanted, look at the contract as a whole. Perhaps the buyer is assuming some of the closing expenses. Consider possession and financing terms, as well.
Consider splitting the difference if you and the buyer are within a few thousand dollars of each other. Remember that time on the market is an additional expense.
Earnest Money
The insurance company may search the title through the owner’s policy of title insurance. Either the buyer’s insurance company or your own may conduct this.
The abstract of title is a condensed history of a title to a property and a certification by the abstractor that the history is complete and accurate.
The certificate of title is reviewed by an attorney who searches the title and issues an opinion that the title is clear.
In some parts of the country, the Torrens system is used as a means of registering property. At closing, the duplicate Torrens certificate of title is turned over to the buyer.
Conditions and Contingencies
Review the contract for special conditions requested by the buyer. A common condition is one in which the purchase of your home is contingent on the buyer selling his or her current home. The conditions may also be more specific, such as asking you to provide a survey of the property.
Provisions
Sale Specifics
If you are thinking of selling a home, or want to talk with an expert Real Estate Agent, please work with a Crestico Agent. An agent at one of our local offices will be glad to talk with you, and help you in all of your Real Estate needs.
