Maybe it’s felt like forever since you’ve listed your house for sale. Perhaps you would swear under oath that every buyer within a hundred mile radius has visited your home, but it just wasn’t the right fit. Could be you’ve been having second thoughts about selling your home altogether— and then it happens! Your agent calls and informs you that someone has made an offer. Great news, but what happens next?
Don’t Just Look At The Offer Price
Yes, when your agent tells you the offer price it can be really easy to selectively tune everything else out, but that could be a big mistake. Your seasoned real estate agent will know that price is what you’re focusing on, but it’s their job to make sure you understand the rest of the proposed deal. Buyers may ask for help with closing costs, a variety of repairs or even asking for a contingency until their current house sells. There’s much more to consider when fielding an offer than simply considering the dollar amount.
You Can Still Counteroffer
It’s imperative that you discuss the initial offer in a great deal with your agent before committing to a decision. Often, you may find that the entire proposal isn’t exactly to your liking. With the guidance of your agent, spouse and family, it’s perfectly acceptable to present a counteroffer. In most real estate transactions, both the buyer and the seller is relying on the skill, knowledge, and experience of their real estate agent to help facilitate the sale. Both parties want the easiest transaction as possible while achieving their individual goals. With seasoned agents working on both side, bothy buyers and sellers are able to rest assured their best interests are always kept at the forefront.
A Good Faith Deposit Is Good For Both Parties
Once the offer has been accepted in its entirety, the buyer must present a deposit, usually a very small percentage of the offer price, to the seller’s agent. This “Good Faith” deposit, sometimes called “hand money” is intended for the buyer to convey they are serious about the offer while, at the same time, ensuring the seller that the deal is moving forward.
Your Agent Will Provide You With Written Records
The seller’s agent will provide written records, proper documentation of the offer as well as be overseeing the deposit in escrow of the good faith money. At this point, you have more pressing things to do—like getting your household items together for moving day! When you’ve selected to use a professional real estate agent to help you sell your home, you can take care of all the other duties that come along with moving, knowing full well your agent is on top of the transaction details.
Make The Home Available For All Buyer’s Inspections
The buyer will more than likely have stated in their offer that they would like a home inspection prior to closing. They could also ask for a variety of professional services to be performed, including radon testing, reviewing HOA manuals and well as having access to a site survey. All of these post-closing inspections of both the home and the paperwork are common, in some instances even mandatory. Again, the agents on both side of the transaction are responsible for ensuring all of the details are addressed so when you meet the buyer at the closing table there are no surprises and everyone, including of course you, leave the transaction happy!
Are you ready to list your home? We would love to help! Give us a call at 301.745.1500 and we’ll make certain you have the best selling experience possible!