Selling your Home? What You Need to Know: Part Two
Before Accepting an Offer and What Are Backup Offers?
In Part One of Selling Your Home, we discussed setting an offer date and handling multiple offers. While selling your home can be an exciting time, it can be stressful. This guide aims to reduce that stress and better prepare you for the sale!
Before Accepting an Offer
Your real estate agent will help you read and review the offers to buy your home and help you select the best one for you. It’s best practice to go through a typical agreement of purchase and sale before you receive an offer so that you are familiar with the standard forms. While an offer will contain new information, you’ll have a good base of understanding.
In addition to the price and any conditions we discussed in Part One of Selling Your Home, you’ll want to look at what inclusions and exclusions are listed. This could be appliances, indoor and outdoor furniture, the BBQ, etc., and other aspects of your home. Carefully review each element and ensure that you are comfortable. Any rental items that the buyer is assuming need to be explicitly mentioned as well or you’ll remain responsible for the contract after closing.
Also, be on the lookout for any potential concerns that haven’t been addressed in the contract. Even if the offer is firm, does the buyer need to sell their home and how likely is that to happen easily? Do they have extra funds to cover the difference should the appraisal come back short? How secure is their employment and ability to close. Your agent should be investigating all these aspects so that you have an informed base to make your decision.
And remember, you’re not obligated to accept any offers.
Only ONE Offer Can Be Accepted
Once you’ve signed the paperwork to accept a firm offer, that’s it. If a better offer comes in later, you’d be unable to accept it as you’re already legally tied to the first one. If you accept a conditional offer, you can include an escape clause which would allow you to show your home and entertain other offers during the conditional period. If the buyer fulfills their conditions, then the contract becomes firm. If there are conditions on the offer and they aren’t met in the allotted time frame, then this offer will become voided.
There are a lot of things to consider when selling your home, but this two-part Selling Your Home Guide should make things easier for you! Your real estate agent will also help you navigate selling your home and help you get the best offer!
Thinking of moving to the next stage? Let’s chat. Send me an email (firstname.lastname@example.org) or text/phone (416-882-4707).
Photo by Ronnie George on Unsplash