Receiving an Offer

Receiving a residential real estate offer can be an exciting and nerve-wracking experience. Here are the general steps involved in the process of receiving an offer:

1. Review the offer: Once you receive an offer, you should review it carefully. The offer should include the purchase price, any contingencies, and the proposed closing date.

2. Consider the terms: Consider the terms of the offer and whether they are acceptable to you. If there are contingencies, such as a home inspection, financing, or appraisal contingency, you should consider whether they are reasonable.

3. Negotiate: If the terms of the offer are not acceptable to you, you may want to negotiate with the buyer. You can counteroffer with different terms or a different purchase price. Negotiations can go back and forth until both parties reach an agreement.

4. Accept or reject the offer: Once you and the buyer have agreed on the terms of the offer, you can sign the offer and accept it. If the terms are not acceptable, you can reject the offer and wait for another offer.

5. Open escrow: Once the offer is accepted, the buyer will typically open escrow, which is the process of depositing the earnest money and starting the process of transferring ownership of the property.

Receiving a real estate offer can be a complicated process, and it's important to have a real estate agent to guide you through the process. Your agent can help you review and negotiate offers, and ensure that the transaction runs smoothly from start to finish.