What makes up an offer to purchase?
An offer to purchase is a written contract which the buyer submits and signs to the you, the seller. It is accompanied by an earnest money deposit, which is a good faith deposit to show the buyer is serious about purchasing the home. Once an agreement is entered into, this is typically put toward their closing costs. The offer consists of the amount the buyer is willing to pay and the medium of payment whether it be cash, mortgage, etc. Certain contingencies will be put in place to protect the buyer in case their financing falls through or if the home inspection reveals any unexpected problems with the home. The offer may also have an expiration date, by which you must respond or the offer expires.
Receiving the offer
Once the offer and earnest money deposit has been submitted, you have the right to either sign the offer as is, make a counter offer, or reject the offer outright. If you accept, the offer becomes a contract, and you are on your way to selling your home. If you counter, the buyer may choose to counter the offer, or walk away. The negotiation process may continute until a final agreement is reached, moving thenceforth into a contract.
The negotiation process can be a bit tricky at times. As a result, it is imperative that you are represented by a Realtor that has years of experience negotiating successful real estate transactions. By working in your best interest, we will help you attain the best price possible for your home.