What Happens When an Offer is Made?
Your home has received an offer - listed below are the next steps.
PRESENTING THE OFFER
Upon receipt of any offer, we will immedidately contact you to arrange a time to discuss the offer. It’s usually best to do this as soon as possible. We will present the offer and review all of the terms and conditions at that time.
YOUR THREE OPTIONS WILL BE:
A. Accept the offer exactly as presented---and your home is SOLD!
B. Make a counter-proposal—propose changes to the offer, i.e., price, personal property, closing or possession dates, etc., so that it is acceptable to you.
C. Reject the offer.
Once you and the buyer have reached agreement and sign and initial the offer, a legally binding contract exists.
DELIVERY OF THE CONTRACT
A copy of the finalized contract will be delivered to both buyer and seller by their respective Realtors. All pertinent legal documents can be delivered to your attorney, if you desire.
FINALIZING ALL CONDITIONS
A. If the Contract states that a lender will provide financing, it is the buyer’s responsibility to make an application for the mortgage loan as soon as possible. The buyer will have a set number of days to procure the loan, as stated in the contract. The lending institution will verify the buyer’s credit and work records, determine his ability to meet the monthly obligations, and appraise your home for the purposes of loan value. When all the information is received, the mortgage loan underwriter will either approve or disapprove the loan.
B. After the loan is approved, your attorney will handle the formal closing process. He is responsible for bringing the title up-to-date, preparing a closing statement, etc. We will coordinate the time and place of closing with all parties involved and will assist your attorney to insure a smooth and timely closing.
C. Within 48 hours prior to closing, the buyer is entitled to a physical inspection of your home. An appointment will be made through our office and the cooperating Realtor will accompany the buyers.
D. Keys will be delivered to the buyer at the closing, or whenever possession of the property has been agreed upon.
E. At Closing, all parties will sign all documents finalizing the sale and all funds will be disbursed.
