It may sound like a no brainer – the higher the price the better offer. Focusing entirely on price is perhaps one of the hardest obstacles for many sellers overcome. There are many factors to take into account when considering offers.
Terms and conditions can play a major role is assessing the probability of a buyer actually closing. Is the sale contingent on the sale of another property? Does a buyer need more than 45 days to close, why? I am here to explain and help you evaluate all the terms and conditions before you accept an 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 either be applied toward the purchase or a check will be issued to the buyer.
Upon accepting an offer, you will be given a timeline for every stage of the process 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. It is also advised that keep a written record of everything going forward.