Before receiving offers, you may want to request a
copy of a blank purchase agreement so that you can become
familiar with the form before you actually receive an
offer. Your Realtor should be able to help you out.
After several showings…..and a few second showings…..you
receive an offer. The golden rule of real estate is
that everything is negotiable. As a seller, there are
three things that you can do with your new offer:
1. Accept it.
2. Reject it.
3. Counter it.
The first two are easy to figure out…..either
you put your name on the dotted line and proceed to
closing, or not. The last one is actually pretty easy
too.
If you decide to counter an offer, your realtor will
have you complete a simple Counter Offer Form stating
which items within the buyer's purchase agreement you
would like to change. All of that information is signed
and delivered to the buyer's Realtor. With your counter
offer, the buyers then have the option to
1. Accept it.
2. Reject it.
3. Counter it.
Again, the first two are easy. If the buyer's decide
to counter your counter offer…..most likely they
will simply draft a new purchase agreement taking into
consideration all of the concerns for both buyer and
seller.
The ping-pong game continues until everyone's signature
appears on the bottom line. Also, keep in mind that
faxed and digital signatures are legally binding in
most states. In most cases, faxed signatures are utilized
to secure the transaction, while original documents
are mailed so that more legible copies are available.
Also, delivered with the original purchase agreement….the
buyers should have signed that they have reviewed your
Seller's Disclosure Form and Lead Based Paint Disclosure
(if applicable).
Keep in mind that the purchase agreement is a legal
and binding contract.
Once buyer and seller agree on the specifics drafted
around the purchase agreement, its amendments, and any
counter agreements……buyer and seller begin
to fulfill their contract requirements in order to close
the transaction. Usually the next contract requirement
that affects the seller is the....... page 7 of 9
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purchasing and/or selling of real estate. Under no circumstances
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