Selling Your Home Step 4
You've gotten the great news! You have an offer!! Here's what you can expect to happen.
Your agent will call you with the news, and arrange to meet with you within the next day. There are 3 options that you have with any given offer. They are :
1- Accept the offer. If you like it, accept it and you have just sold your house!
2- Reject the offer. The offer is absolutely never going to be acceptable. You reject it and hope for another buyer.
3- Make a counter offer. This is when you would like to change something with the offer, like the price, or the closing date. You sign off on the changes that you like and send it back to the potential buyer for their consideration.
There is also an offer type that is called a contingency offer. What that means is that the buyer has their own home for sale, and they can't buy your house until they sell their house. In this situation, you can accept their offer but your home will still be available for sale. At this point, once you accept a contingency offer on your home, you can only accept a non-contingency offer. If an offer that doesn't have a contingency comes in that you'd like to accept, your realtor will call the contingency offer party and let them know. If their home hasn't sold, you can sell your home to the second party, and the contingency offer party will have to start their home search all over again.
What happens if you have multiple offers? In that scenario, all of the offers have to be presented to you in the order that they came in. You as the home seller should hear all the offers completed. If more than one offer is accepted or countered, an order of precedence must be established, such as primary, first backup, second backup, etc. Be careful not to sell the home twice.
Once all parties agree to all the terms, you have a ratified contract and you start the closing process! Congratulations, you've just sold your home!
Your agent will call you with the news, and arrange to meet with you within the next day. There are 3 options that you have with any given offer. They are :
1- Accept the offer. If you like it, accept it and you have just sold your house!
2- Reject the offer. The offer is absolutely never going to be acceptable. You reject it and hope for another buyer.
3- Make a counter offer. This is when you would like to change something with the offer, like the price, or the closing date. You sign off on the changes that you like and send it back to the potential buyer for their consideration.
There is also an offer type that is called a contingency offer. What that means is that the buyer has their own home for sale, and they can't buy your house until they sell their house. In this situation, you can accept their offer but your home will still be available for sale. At this point, once you accept a contingency offer on your home, you can only accept a non-contingency offer. If an offer that doesn't have a contingency comes in that you'd like to accept, your realtor will call the contingency offer party and let them know. If their home hasn't sold, you can sell your home to the second party, and the contingency offer party will have to start their home search all over again.
What happens if you have multiple offers? In that scenario, all of the offers have to be presented to you in the order that they came in. You as the home seller should hear all the offers completed. If more than one offer is accepted or countered, an order of precedence must be established, such as primary, first backup, second backup, etc. Be careful not to sell the home twice.
Once all parties agree to all the terms, you have a ratified contract and you start the closing process! Congratulations, you've just sold your home!