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Accepting an Offer

The Offer

An acceptable offer depends on many different things:

  • Is the proposed offer near the asking price?
  • The timeframe of the seller - Does the seller have another house payment?
  • Does the owner have enough time to wait for the agent to bring them more potential buyers?
  • What if the home is listed and never receives a single offer?
  • What if several offers are received at the same time?

Negotiating

This negotiating process can at times seem very complicated. However, if you are equipped with the right agent, all of this can be made hassle-free.

During the negotiating process of the sale of a home, the seller can react in one of three different ways:

  1. Accept the buyer's proposed offer
  2. Decline the buyer's offer
  3. Make a counter-offer

Working Out the Inspection

There are numerous types of inspections. An inspection is meant to evaluate, at minimum, the structural and mechanical condition of a property. It is not the same as an appraisal which evaluates the market value of a property. This inspection is performed by an unbiased third party and is used to evaluate the condition of the property for sale. Obtaining an inspection is the right of the buyer; and the expense of the inspection is borne by the buyer. This report along with an addendum asking for any defects found that the buyer wants addressed will be submitted to your listing agent. You, as the Seller, can do one of three things:

  1. Agree to fix/replace/or credit the cost of repair and the Buyer should proceed to closing in accordance with the Purchase Contract.
  2. Negotiate on fixing/replacing/crediting a partial list of the items noted. This will need to be agreed upon and if so closing will happen in accordance with the contract. If the Buyer does not want to accept your partial counter to fix some items, then they do not have to proceed to closing.
  3. Refuse to do any repairs/or credits at all. If agreed upon, closing will happen in accordance with the Purchase Contract. If the Buyer does not accept this counter, then the Buyer does not have to close on the Property.

What the Inspection Should Include

Every inspection should include material items that could be defective within the property to include an evaluation of at least the following:

  • Foundations
  • Plumbing and electrical systems
  • Doors
  • Ceiling, walls and floors
  • Roof
  • Hazardous materials concerns
  • Heating and air conditioning systems
  • Common areas (in condominiums)
  • Insulation
  • Ventilation

What the inspection should not include:

  • Cosmetic Items
  • Personal Property not specified in the Purchase Contract or "sold as is"
  • Items that are currently working - but may have some age on them

Saying Goodbye to Your Home

The closing process is always changing. It may be referred to "settlement"or "escrow" in different parts of the county. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.

Closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).

The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local record office.

It is this step where the buyers and sellers do very little. It is important as the seller to take a final walk through the property to make sure the property's condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.

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