Welcome to another episode of Q&A Sunday! This week, we addressed another series of questions brought to us by you, our amazing clients, fans, and neighbors. Continue reading to find out more about getting your offer accepted in today’s real estate market and more!
I submitted an offer, when should I hear back from the seller?
When we at The Dallas-Fincham Team write an offer, we generally give the seller 24 hours to respond to our offer. Some agents will utilize 48 hours or more, but most will give the seller about a day. Unfortunately, some sellers take their time and that can obviously be very stressful. We like to use clauses stipulating that time is of the essence – meaning that your contract is only valid for a short time and any negotiations after the expiration of that contract would need to be updated with a new end date.
We never leave the ‘time of the essence’ section blank! An offer could be accepted 4, 6, 100 weeks past when the offer was made if that is the case, so leaving this blank is not in the best service of our clients.
The seller countered back, now what should I do?
In this case, you have a few options. You can decline their counteroffer, you can accept their counteroffer, or you can continue to negotiate a deal with the sellers, effectively countering their counteroffer.
A real-world example can look something like this: A house is listed for $650,000 and an offer is placed on the home for $600,000. The seller can then counter at $640,000, then the buyer counters with $620,000. Eventually, negotiations could land the parties on an agreement to sell the home to the buyers for $630,000.
I have a verbal agreement with the seller; can I pop the champagne yet?
This question trips up A LOT of home buyers. Unfortunately, the situation can be tricky if the seller is not a person of their word.
For example, let’s say that buyer and sell of the home in the previous example agreed verbally at 7:00 pm to sell the home for $635,000. The buyer’s agent sends the listing agent a contract to sign, but before the listing agent takes the time to have their client sign the paperwork, a new offer comes it at 8:00 am the next morning. It’s a listing agent’s job to present all offers to their client, and the new offer is presented at $650,000. Many sellers may keep their word in this situation, but with such an enticing offer, some sellers may not – and they are in no way obligated to sign the original contract based on a verbal agreement!
So don’t pop the champagne quite yet – make sure you have a signed contract before you start to celebrate.