So you’ve received an offer?
The offer tells you what the buyer is willing to pay and all other conditions. It’s important that you review this offer carefully before making and decisions.
Once you’ve reviewed the offer, you have three options:
- Accept the offer with no changes
- Reject the offer with no counter
- Counter the offer by making changes to the original offer
Your realtor should be able to give you an estimated net sheet to let you know the estimated take home amount of what you would walk away with if you were to sell your home at the current offer price.
If you get an offer that is exactly your offer price don’t think your home was underprice. This means it was actually priced accurately.
Remember to look at all aspects of the offer. The offer price may not be exactly what you were looking for but maybe they are not requesting the right for home inspections.
Earnest Money Deposit-
The buyer will provide an Earnest Money Deposit (EMD) ranging from $500-$5000 when submitting an offer. If you do not accept their offer then the EMD will be returned in full to the buyer. Once, the contract is accepted if the buyer fails to follow through with the terms of the contract you may be entitled to the EMD.
The buyer’s choose the title company which you will have to work with directly in order to show that there is a clear title on the property.
Transferring ownership of the property will require a deed.
Be sure to understand all conditions that come along with the buyer’s offer. A common condition/contingency is that the buyer is contingent upon selling their current home in order to buy yours.
You will want to know if there are any specific inclusion regarding the offer. Such as, are they requesting the seller pay for the home warranty? Do they want the refrigerator to stay?
Click here to see a copy of the first 10-pages of the Residential Contract of Sale (MAR)-3. This does not include any extra addenda that may be added to any offer (i.e., property inspections, septic inspections, financing addendum, etc.)