What Happens After an Offer is Accepted?

You’ve listed your home and think you’re getting closer to accepting an offer. You can see the light at the end of the tunnel getting brighter. Once you receive an offer, you have a very important choice to make.

You can choose to accept the offer, reject the offer, or counter the offer. This decision is one that your RE/MAX agent can help you make while keeping your best interests in mind. They will help you negotiate the offer with the buyer’s agent.

The Offer is Accepted. Now What?

Once you’re happy with the offer terms and conditions, you can choose to accept it. Once signed by both you and the buyer, the offer will become a binding contract.

What if the Offer has Conditions?

If the offer you accepted has conditions, it would be considered sold conditional. Each of the conditions has an expiration date and the buyer must decide what to do about the conditions. The most common conditions include the following:

• Financing: Most buyers need to obtain a mortgage or loan to purchase the home.
• Inspection: This is generally at the buyer’s expense and if they are unsatisfied with the results of the condition, they can choose to walk away from the deal.
• Repairs: A buyer may request repairs to the home before closing, and the sale of the home will be contingent on the completion of the agreed-upon repairs.
• Status Certificate (Condo Purchases): A status certificate shares the current state of the condo unit, financial status of the condo, and other important details. If the buyers are unsatisfied with the results, they can then choose to withdraw the offer.

Closing Costs:

Once the offer has been accepted and all conditions have been met, there will be some closing costs that you’re responsible for, as a home seller. Some of these costs include:

• Agent commission
• Legal fee
• Adjustments for taxes
• Surveys (if needed)
• Mortgage and penalty (if applicable)
• Adjustment for utilities

This is just a quick guide, and you likely have lots of questions. A real estate agent is there to guide you through every step of the selling process. Connect with a RE/MAX agent today to start the process.