Episode Ten: the Negotiation Process.
Your Offer can be presented to the Sellers and the Seller’s agent in person or by email. In high demand, low inventory areas, you may find yourself bidding against other buyers. Whether you are anticipating competition or not, you should be pre-approved for your mortgage prior to your home search. In multiple offers, it is important to have fewer to no conditions on financing and home inspection, with all due diligence done prior.
What happens next? The Negotiation Process.
- Your Offer can be accepted as is and the deal is signed by the Seller and Sold Firm.
- Counter Offer – The Seller makes changes to the Offer to the Price, the Closing date or Conditions.
- Sign-Back by the Buyer and the Seller accepts of Offer with Conditions to be fulfilled. Sold Conditionally until all Conditions are removed. Then you have a legally binding agreement.
- Offer is Rejected by the Seller and the deal is concluded.
Once the deal is firm, there could be approx. 3 visits permitted for the Buyer before closing for purposes of measuring, showing family the house, getting quotes from movers and contractors, etc. Real estate lawyers take over at the closing which can be 30/60/90 days from date of acceptance.