Now this is where things get exciting. You’ve got an offer or maybe two or three at once!
All offers, of course, have a purchase price, but they also include such things as the closing date (or the possession date for the buyers), other terms and in most cases, conditions.
Conditions could include such things as time allocated for the buyer to secure financing or an acceptable inspection of your home. In an ideal situation, the buyer has made an offer without any conditions, in an attempt to make the offer more attractive to you, the Seller. There can be a lot of variables, but Komal & Karn will walk you through every step.
Naturally, the most important part of the offer is the price. Komal & Karn will ensure you understand every aspect of the offer, including current market conditions, recent sales or listings in your area, and provide you with as much information as possible about the prospective buyer and their representation. You will have a thorough understanding of the terms, your options and the potential outcomes of your decision. You can accept the offer as is or make a counter offer, at which point Komal & Karn would negotiate the best possible price and terms on your behalf. Remember, even 1% more for your home can mean thousands to your bottom line.
At this stage, the buyers must provide a deposit cheque to be heldin trust until all the conditions have been met. Of course, if thebuyers are unable to fulfill all the conditions for whatever reason, the offer becomes null and void and they get their deposit back.Once conditions are met, the deal becomes ‘firm’ and we hold the deposit until closing when it is applied to the sale proceeds.
FULFILLING THE CONDITIONS
Conditions usually have a set period of time for removal. If an offer is conditional on financing, the buyers may be preapproved so they simply need to have the approval applied to your property and the removal of this condition is fairly swift and easy.
If the offer is conditional on a home inspection, the buyers would request permission for a professional home inspector to spend 3 to 4 hours thoroughly checking out your home. The buyers usually accompany the inspectors as well. The inspector will produce a summary of their findings, and if the buyer is happy with them, they’ll waive the inspection condition. If it turns out that the buyer can’t, for whatever reason, fulfill the conditions, the offer is null and void. Not ideal, but not the end of the world. We’ll get right back out there and find you some new potential buyers.
Once the conditions are met, the buyer signs a waiver and the deal is firm. If you’ve completed all these steps, then you are a successful home seller