There are few things more exciting to a seller than getting that perfect offer in hand.
Even still, with an offer to purchase comes plenty of documentation that stipulates much more than the final price. Reviewing an offer can feel overwhelming, especially when combined with the emotions of selling your home. The details are purposefully intricate, which is why it’s important to partner with a Realtor® you trust to bring your sale into the final home stretch.
Here’s Mark Faris, CEO and Broker, Faris Team, walking his clients, Craig and Roxanne West, through exactly what to expect when an offer comes in.
1. Know the Buyer’s Story
Has the offer come from a first-time buyer? Are they also selling their home, and if so, has it sold yet? Have these buyers been formally qualified, so you know their finances are in order? If we don’t know the buyer’s story, we can’t respond back to their offer in a way that is knowledgeable. What’s important to the buyer may not be what’s important to you as the seller, so finding out the details of who’s behind your offer is a necessary first step.
2. Chattels & Fixtures
It’s critical to get clear on what’s included and what’s not included in the sale of your home and review how that’s captured in the offer. If you flip the home upside down, anything that would fall is a chattel. Anything that would stay up is a fixture. With your Realtor, go room by room and determine what stays and what you want to keep. For example, there might be a light fixture or window covering that’s important to you. Maybe it was a gift, or part of the style you want to bring into your new home. Another example is a TV in a bracket. Brackets are bolted to the wall so would be considered a fixture.
3. The Fine Print
Slow down and read every word in the Agreement of Purchase and Sale, especially the back of the offer where the conditions, terms and clauses are detailed. One word can make all the difference. Rental items are also important to review as these are commonly overlooked. The last thing you want is to get to your closing date and find out the agreement you signed wasn’t exactly what you thought.
4. Accurate information
It seems obvious, but simple things can be overlooked in an agreement, like the spelling of your name. The zoning and lot size are other key details to check for accuracy. Properly documenting the agreement of purchase and sale and attaching the survey will prevent potential issues arriving on closing day.
5. Spousal Consent
A home can only be sold if both spouses consent and sign two key documents: the listing agreement, which gives permission to put your house on the market, and the Agreement of Purchase and Sale. If these documents are not signed by both parties, the agreement can be challenged down the road. When reviewing an offer, it’s critical to see both signatures.
It’s important to understand each step of the real estate process, but rest assured that your Faris Team Realtor® is your partner along the entire journey.
For any real estate related questions, please reach out to us at Faris Team – we’re here to help.
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While the information contained in this site has been presented with all due care, Faris Team assumes no responsibility or liability for any errors or omissions.