Receiving
an Offer
An Offer to Buy
When you receive an offer on your house, it is imperative
that you review it carefully. The offer tells you the price the buyer is
willing to pay and under what conditions.
You may wish to consult with an attorney to assist you in reviewing the
offer - it is the most important document of the sale. Once you and the buyer
sign it, it becomes the contract of sale.
Ask your Country Ranch GMAC Real Estate Real Estate Agent if you are to be present
when the offer is submitted. In some areas this is customary; in others, your
agent acts as your representative.
Reviewing a buyer’s offer is an extremely important step in selling your
home. Your Country Ranch GMAC Real Estate Real Estate Agent
will assist you, advise you on the best course of action and answer any
questions you have.
Your Options
Once you and your Country Ranch GMAC Real Estate Real Estate Agent have thoroughly
reviewed the buyer’s offer, you have several choices.
-
Accept the terms with no changes and sign the offer.
- Make a counteroffer to the buyer by making some changes. In some cases, many counteroffers will take place before the final agreement is signed.
- Reject the offer entirely.
- Sign a binder, if applicable in your state. The binder is a more detailed contract that sets forth the major terms and is signed by both parties.
Once you’ve signed an offer, you may accept a backup offer
if that buyer clearly understands the house is under contract. The backup offer becomes effective only if
the first offer falls through and the transaction fails.
Price
-
Consult with your Country Ranch GMAC Real Estate Real Estate Agent to determine a price. Your agent can estimate your proceeds - the sale price minus fees, taxes and insurance.
- Don't be concerned if the offer you receive is exactly your asking price. It doesn't mean you under-priced your home, but rather that you priced it accurately.
- If the price is less than you wanted, look at the contract as a whole. Perhaps the buyer is assuming some of the closing expenses. Consider possession and financing terms, as well.
- Consider splitting the difference if you and the buyer are within a few thousand dollars of each other. Remember that time on the market is an additional expense.
Earnest Money
An earnest money deposit will be held by a third party until
an agreement is reached or there is a closing between you and the buyer. At
that time, the money is usually credited to the buyer and applied to the down
payment. Until you accept his or her offer, the buyer may withdraw the offer
and get the earnest money back. On the other hand, if the buyer fails to follow
through with the contract once it’s accepted, you may be entitled to the
earnest money. Your Country Ranch GMAC Real Estate Real Estate Agent
can answer any questions you may have regarding earnest money.
Property Title
As part of the real estate contract process, you must prove
to the buyer that you have a clear title on the house — that you own the
property, and there are no legal claims against it. Through a title search,
proof is provided.
- The insurance company may search the title through the owner's policy of title insurance. Either the buyer's insurance company or your own may conduct this.
- The abstract of title is a condensed history of a title to a property and a certification by the abstractor that the history is complete and accurate.
- The certificate of title is reviewed by an attorney who searches the title and issues an opinion that the title is clear.
- In some parts of the country, the Torrens system is used as a means of registering property. At closing, the duplicate Torrens certificate of title is turned over to the buyer.
Property Deed
Be prepared to transfer ownership of the property with a
deed. A deed is a legal document that
transfers the title (or ownership rights) of the property to the new owner.
Most buyers will require a general warranty deed, in which you guarantee that
no one will bring a claim against the title.
Conditions
and Contingencies
Review the contract for special conditions requested by the
buyer. A common condition is one in
which the purchase of your home is contingent on the buyer selling his or her
current home. The conditions may also be more specific, such as asking you to
provide a survey of the property.
Provisions
Although it may be dry reading, it is important to carefully
read the contract and go over details with your Country Ranch GMAC Real Estate Real Estate Agent. Read the fine print in your contract to
understand the provisions (or ground rules) of who pays for what in the context
of the sale. For instance, the contract should explain who is responsible if
there is damage to the house after the contract is signed. The responsible
party will want to insure the property through the transition. You or the buyer
may add special provisions to the standard ones.
Sale Specifics
Does
the refrigerator stay or go? How about
the drapes in the formal living room?
Double-check that everything you intend to sell with the house is listed
accurately in the contract. This may
include items such as fixtures, window treatments and appliances.
Contact Country Ranch GMAC Real Estate Today for your Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities Real Estate Needs
If you are thinking of buying a home, selling a home, or want to talk with an expert Real Estate Agent with detailed knowledge of Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities, please feel free to contact us. Simply call us at 928.758.8811, or e-mail us at broker@countryranchgmac.com. We’ll be glad to talk with you, and help you with all of your Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities Real Estate needs.
