It may sound like a no brainer – the higher price is the better offer. However, there are many factors to take into account when considering offers. Focusing entirely on price is one of the most difficult stumbling blocks for sellers overcome.
Terms and conditions can play a major role is gauging the probability of a buyer actually closing. Is the sale contingent on the sale of another property? Does a buyer need more than 60 days to close, and why? Does the buyer require specific repairs? How much of a deposit did or can they put down? We are here to explain and help you evaluate all the terms and conditions before you accept any offer.
Once both parties agree and sign off on pricing and all terms a contract is considered executed. In most states an escrow deposit also must be made for the contract to be considered binding. The escrow is often held by the title agent designated in the contract until all conditions of the contract are met. At closing, the escrow will usually be applied toward the purchase but in some cases a check may be issued to the buyer.
Upon accepting an offer, we will provide you with a timeline for every stage of the process up to closing. It is very important that you stay on top of this schedule. This will encourage better cooperation from the buyer and ensure neither you nor the buyer is in breach of the contract. Although we keep meticulous records of everything, it is also advised that keep a written record of everything from this point going forward.
If you have more questions about considering an offer or the process from offer to closing, please contact us.