Field Offers And Close

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Every time you receive an offer, always ask your real estate agent about the bidder: Has the potential buyer already sold a home in the past? Are they a couple with kids who need to be settled in before the school year starts? Is it someone who has already been pre-approved for a loan? Remember that what you learn can help you decide how to respond. The process of making offers and counteroffers can continue through several rounds.

If you receive two offers then you may be in position to play them off each other to lessen contingencies. You can demand a faster closing or possibly even get a higher price. But do not forget to consult with your agent and proceed cautiously, or you may end up losing both offers.

Your agents and attorneys will arrange for a closing once a price has been agreed upon. The buyers will initiate a formal inspection if you haven’t had done it yet. And the contract will include all the contingencies based on the findings. However, be cautious about agreeing to contingencies regarding the sale of the buyer’s current property which can take your house off the market and keep your sale in limbo.

And at this point you will also have to handle other details which includes arranging to cut off utilities and perhaps having a pest inspection or other inspections which I have mentioned in my previous blog post (Hire A Real Estate Inspector); like those for radon or asbestos, to meet the local requirements.

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