First of all, CONGRATULATIONS ON GETTING AN OFFER!
You must be very excited (provided it’s a reasonable offer, of course).
When you receive a written offer for the sale of your house from a potential buyer, you will first need to find out whether or not the individual is pre-qualified or pre-approved to buy your home.
If so, then you will need to review the proposed contract with a title company or real estate attorney.
Make sure you understand what is required of both parties to execute the transaction.
The contract, though not limited to this list, should include the following:
- Offer price
- Down payment
- Settlement date
- Deposit amount
- Financing arrangements
- Legal description of the property
- List of fees and who will pay them
- Inspection rights and possible repair allowances
- Appliances and furnishings that will stay with the home
- Method of conveying the title and who will handle the closing
At this point, you have three options:
- Accept the contract as is
- Accept the contract with changes (a counteroffer)
- Reject the contract
Remember: Once both parties have signed a written offer, the document becomes legally binding.
If you have any questions or concerns, be certain to address them with your title company or real estate attorney right away.
You can find more free tips on how to sell your home without the help of a real estate agent by downloading a copy of our eBook. →
Buying or selling a house in Florida? We can help. Call (239) 985-4142.