#houseoffer

Getting from offer to sold

You have seen the home of your dreams and you want to make an offer but did you know the following? 

Once you have been introduced to the property and made the offer, that offer then stays with that agent. If you are struggling to make satisfactory contact with that agent and you notice it is listed with someone else. It is too late, your introduction has been sealed. You might think you can switch agents to handle the sale but that is simply not the case. 

There are legal frameworks that all agents must comply with and they are the following:

1. You must have your offer confirmed in writing within 48 hours of it being made. This can be either via postal or electronic mail. Breach of this can result in the agent being in hot water with the Property Ombudsman. 

2. Once the offer has been made, the agent must negotiate between the two parties in a reasonable timeframe and if contact with either party is difficult then they should keep you informed of that fact. 

3. If there are more offers on the table at the time and all are in consideration then you should supply your financial and chain information to the agent as quickly as possible. This would involve telling them the contact details for your selling agent and mortgage advisor. 

4. If your offer is accepted then you should not delay in instructing a solicitor to act on your behalf. This will enable the agent to issue sales letters and the conveyancing work can begin. 

If you received two offers on your house that were $5,000 apart, you should take the higher one, right? Not so fast.

Sure, money plays a huge role in your decision to accept an offer, but it shouldn't be the only one. Here are some other questions to ask:

Does the buyer have the money? Without cash or a letter from a lender, your buyer may not be able to afford the price he’s proposing. Your Realtor can help you tremendously by making sure that anyone who places an offer on your home is qualified.

How much earnest money is included? Earnest money is an amount a potential buyer will put towards the sale in advance of the closing to show he’s entering into this transaction in good faith. A high amount of earnest money usually indicates a serious buyer. If the transaction closes, the money counts toward the down payment  if it doesn't close, the seller in some circumstances gets to keep the earnest money.

When’s the closing date? Determine if the timeline for the transaction matches your schedule – you and the buyer may have deadlines that don’t mesh well.

Is the buyer asking for anything unusual? Buyers can put all kinds of things in an offer. They can request an option to terminate, ask for repairs, see if you’ll leave the appliances, and make the offer contingent upon the sale of their current home. Your Realtor can help you decide what is reasonable.

It’s a wonderful feeling when someone presents you with an acceptable offer for your home. Just make sure you understand all parts of an offer, not just the dollar signs.