You Have An Accepted Offer, Now What? [Part 2]

Dated: November 7 2023

Views: 16

Then I want to start diving into the content. What's actually in the offer. What's the offer price? And only you, the seller can decide if you're okay with that offer price. Whether it’s above the listing price, it's the list price or it's below the list price. Only you can decide that. So looking at the content and it's not just about the purchase price. What other factors are involved. 

I'm dealing with an offer right now. The offer came in lower than our list price. The seller and I kind of expected that. This offer includes in it the fact that the buyer has their own home that they need to sell. So we've made this offer contingent on them getting their home sold. We've gone out about 60 days to close. Usually that's 30 to 45 that gives them time to get their home on the market. They weren't really looking to buy right now. But this house really checks all of the boxes for what they want to do with it. More than the house that they just bought a year ago. So they're rapidly trying to get their home on the market so they can close the deal in this particular property. 

So this offer when it came in, it was a sales price and the seller, the owner of the property was okay even though it was below list, they were okay with that price. It also has with it the contingency that they need to get their home sold. If they can't successfully close their home and sell it for what they need to get out of it, then they're not going to be able to buy this property. So my seller, this property I've listed. My seller knows that. And it could be that this house goes back on the market in a few weeks or a month because these buyers can't get their home sold. 

It also has in there the inspections they want to get, they're going to get a home inspection because they are getting a loan and it's told us what kind of loan they're going to get. They are going to get an appraisal. The lender orders and requires the appraisal to make sure that the money that they're loaning for the home that the property is actually valuable enough to compensate them if they end up having to foreclose on the property and sell it. They want their money back. It's crazy like that people lend you money and they expect to get it back. The bank's no different. They want to get their money back. 

So this offer is a contingent offer. We've got some inspections on appraisal there. It's got an amount of earnest money and who's holding that earnest money. We've all agreed to those terms. 

So you dig into the content and is it content that is acceptable to you? Are you okay with the sales price? Are you okay with the earnest money and who they have requested unless you told them specifically up front who holds the earnest money. In our case, we left it open to who holds the earnest money. And we'll talk about that a little bit later maybe in the next podcast about why that may be important. 

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Jeff Jones

Helping others is what drives me. For 30+ years, I've been helping leaders lead well; helping spouses, parents, teens, and kids love well; and generally helping people live well. Helping is what I do ....

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