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What Happens After a Home Buyer's Offer is Accepted?
Buyers looking to get into a home are often looking to finagle their way to a good deal just as much as the seller wants top dollar. Each one has to compromise and meet in the middle when it comes to negotiations. Finalizing the offer can often be a tough road, but once both parties come to an agreement, the real fun starts. When a seller accepts the offer, there is still a lot to do. Find out how to navigate this road to complete a home sale.
Sign the Purchase Agreement
An offer on a house is considered 'under contract' when it is accepted and signed in writing by both the seller and potential buyer. This written contract is called a purchase agreement. Think of it as the first step in finalizing the sale of the property. There are some things to keep in mind about what it means:
- Financial details are outlined like earnest money deposits, financing, and closing costs
- Contingencies
- Timelines are laid out
- Closing date is agreed upon
Lots of little details are figured out at this point like the condition of the home, disclosures, and any seller concessions, repairs or credits. Once the agreement is signed and money deposited, the buyer has the right to purchase the property.
Negotiations
Sellers ultimately want to get the most for their house value. They are often willing to negotiate lots of things to get what they want, but the buyer also wants a good value. A counteroffer may be thrown out there at this time but a seller may not want to make requested changes. When thinking about negotiation, consider the purchase price and down payment, adjusting the length of closing, modifying contingencies and reviewer any credits being offered. When accepting a home buyer's offer, make sure all the cards are on the table to make it the best sale possible.
Backing Out
Trying to get out of a purchase agreement can get kind of messy, a bit in that gray area of the process. Withdrawal of the offer if agreements are not made can be tricky. What determines how things go really depends on where things are in the process and the reason for backing out. Negotiations can always be made, but it might be better for both parties to re-negotiate than lose out on the sale and purchase of the property.
Acceptance of an offer might seem like the endless days of finding the perfect home has come to an end. However, it is the start of another journey to finalize everything and close. Until close, anything can happen. Work with your agent to establish a game plan and prepare the way for things that can happen between an agreement to the final closing. A home buyer's offer can be accepted with lots of contingencies to finalize, so be aware of all these walking into it and have an open mind until the day of close to being open to the process for the best outcome.
Looking for the best real estate professionals to help in home purchase and sales can be difficult. Look no further than Choice Properties to help you finally end that search and give you what you need. With all the options out there, we work with you to determine what you want and how to get there. Contact one of our top notch realtors at Choice Properties who specialize in your local market to find the property that is right for you.