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Sellers: Accepting an Offer on a House

We have seen in most cases as long as your property is properly priced within the range of similar houses in the area and has been prepared for the market, you should attract buyers.

Regardless if you are in an area where multiple offers are being received on the first day on the market or you wait a few weeks, it’s important to be ready to work with your listing agent as much as possible. 

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But because you have an offer you like, does not mean you have to accept every term. Here’s where negotiations come into play – whether you make a counteroffer, request a different closing date or offer to make some, but not all, of the buyer's requested changes to the home.

It’s important to be cordial and keep the buyer’s preferences in mind. Even in a seller’s market, offending the buyer could put you back in square one with your property still on the market.

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Accepting the offer. Once both the seller and buyer have reached an agreed-upon price and terms, it’s time to move forward with the deal. The next step is to go under contract and start the due diligence process.

Both parties will need to sign documents noting their intent to move forward with the transaction, along with the established closing date and any other terms or conditions necessary to complete the deal.

Real estate law varies from state to state, so ask your real estate agent for guidance on any other nuances specific to your area. In New York, for example, the due diligence period takes place prior to both parties signing the contract. In most other states, the due diligence period takes place during the first 10 days the home is under contract.

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