Offers Received
Frequently Asked Questions
When you receive an offer on your property, you have several options. You can accept the offer, reject the offer, or make a counteroffer. It is important to carefully review the terms of the offer, including the purchase price, closing date, and any contingencies.
A counteroffer is a response to an offer that proposes different terms than those originally offered. For example, if a buyer offers $500,000 for a property, the seller may counter with a higher price or different terms, such as a longer closing period.
Yes, you can negotiate the price of an offer by making a counteroffer. Negotiations can continue until both parties agree on the terms of the sale.
The amount of time you have to respond to an offer can vary depending on the terms of the offer. In most cases, the offer you receive will have a clearly defined offer expiration date. If you do not respond to the offer in that period of time, it will become void.
An earnest money deposit is a payment made by the buyer to demonstrate their commitment to purchasing the property. The deposit is typically held in an escrow account and is applied to the purchase price at closing.
If the buyer's financing falls through, the sale may not be able to proceed. In some cases, the buyer may be able to secure alternative financing or the seller may be willing to finance the sale.
If the appraisal comes in lower than the purchase price, the buyer and seller may need to renegotiate the terms of the sale. The buyer may need to come up with additional funds to cover the difference between the appraised value and the purchase price, or the seller may need to lower the price of the property.
If the buyer has an inspection contingency and requests that you make repairs or issue a credit to cover the cost of repairs, you can either complete their request, deny their request, or offer an alternative solution.
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