Last Updated on July 13, 2023
3 Things To Expect When You Receive An Offer For Your House
Post by RyanSellers.com Real Estate Group
Selling your home is a complex process that entails specific steps that must occur sequentially in order for the sale to follow through. As a seller, one of the biggest milestones in your home-selling journey is receiving an offer for your home. Surprisingly, we found that most home sellers are unaware of the next steps and what to expect moving forward. Here is a high-level overview of what to expect when you receive an offer for your home.
1. An Offer is submitted
When a buyer is interested in purchasing your home, they will submit an offer to the selling agent. Offers will typically include the purchase price, the proposed closing date, and any conditions that the buyer has requested. These conditions may include a home inspection or financing approval. You can accept the offer, reject it, or counter the offer with changes to the proposed purchase price or closing date.
2. Satisfying Conditions
If you accept the offer, the buyer will typically have a period of time to satisfy any conditions that were included in the offer. For example, if the buyer requested a home inspection, they will have a certain number of days to complete the inspection and decide whether or not to proceed with the purchase. If the buyer is unable to satisfy the conditions within the specified time frame, the offer may be terminated.
Assuming that the buyer satisfies all of the conditions, the sale will proceed to closing. The closing date is the date on which ownership of the property is transferred from you to the buyer. On the closing date, the buyer will provide the agreed-upon purchase price, and you will transfer ownership of the property to the buyer. The buyer will also be responsible for paying any closing costs, such as legal fees and land transfer taxes.