Receiving An Offer On Your Home. Tip #4

Receiving a Purchase Offer.

If all goes well, you would most likely be receiving an offer from an interested buyer (let’s hope you get multiple offers). Having the following documents when the purchase offer is presented to you will save time in determining you have a qualified potential buyer who is serious in purchasing your home

• Written purchase offer agreement
• Copy of the earnest money deposit check
• Evidence of the downpayment, i.e. copy of latest bank statement
• Letter of loan approval letter from the buyer’s lender with the loan officer’s direct contact information.

Carefully review the buyer’s terms set forth on the purchase agreement. Amongst other things, pay close attention to the date, buyer’s name, correct property address, purchase price, downpayment, buyer’s financing terms, and make sure the agreement is properly signed and dated.

Read and understand the transaction especially items that buyer expects you, as the seller, to pay for. Make a list of these expenses and costs. Some examples of what the buyer may ask you to pay: Pest inspection or related reports; requests for repair or retrofit expenses, credits for closing costs, etc. The contract commonly used in California has at least 8 pages, so make sure you and your agent go over each line and paragraph so as not to miss anything that you may end up paying at close of escrow.

At this point, you will either accept the offer as is; make a counteroffer to change some of the terms; or reject the offer altogether. Make sure you discuss any concerns or questions you may have with your real estate agent before signing the offer. Once you sign with the buyer, it becomes a legal and binding contract.

When you finally agree to the terms as stated on the purchase offer, sign and date your acceptance of the offer, make a copy of it, and deliver a it to the buyer or buyer’s agent in person, by fax or email.

Congratulations, you are now in escrow. Expect a written confirmation of the receipt of the earnest money deposit and opening of the escrow from either the title or escrow officer. Now you’re into the final phase of selling your home which is Tips On Selling Your Home #5, Escrow Process and Closing.