Home Selling

Accepting an Offer

Get it in writing. Accepting a written offer to purchase your home converts that purchase offer into a functioning agreement, so remember that you are accepting all of the written terms as they are laid out. In a real estate transaction, the purchase offer and the defining rules of that offer come at the same time, so there is no “do over” period if you would like to then raise the price or change your mind. Click here to learn the details.

 

Let’s look at some specific questions sent in by DearMonty readers from across the country. Read more Q&A articles about the “Planning with Experts” stage of the Home Selling process:

  1. I have a " right of first refusal " offer that my attorney says must be fixed now. I am thinking I will accept it " as is ". What would you do?

    Reader Question: I am in negotiations to sell off a portion of my property. The buyer is simultaneously asking for a right of first refusal on a contiguous parcel. The wording in the right of first refusal clause the agent drafted in the offer is one short sentence and leaves many unanswered questions. My attorney […]

    August 8, 2016
  2. Two weeks ago our agent told us $359,900. Today they suggested we take $305,000. How is this possible?

      Reader Question: Our agent flip-flops on price. We listed our home two weeks ago for three hundred fifty-nine thousand nine hundred dollars. Our agent recommended this price and showed comparable sales that supported the recommendation. Yesterday they presented an offer for three hundred five thousand dollars and suggested we accept it. We are stunned and […]

    March 7, 2016
  3. Rent-back clause prevents financial disaster

    Reader ​Question: The buyer backed out just days before closing which left me in a financial disaster. I made my income out of my home renting rooms. I had to give them notice to move prior to the closing date. Is there anything I can do? Meredith P. ​Monty’s Answer: Hello Meredith, and thanks for […]

    October 21, 2014
  4. Home Seller Not Obligated To Home Buyer Offer

    Reader Question: If I make an offer, is it binding on the seller until I have a chance to make a higher offer? Can someone else make a higher offer before mine is accepted or rejected? Joe D. Monty’s Answer: Joe, no offer is binding on the seller. No offer is binding upon the buyer until such time as the seller […]

    November 13, 2012
  5. How do I know if an offer on my home is a good one?

    Reader Question: Monty, my home in Rochester, MN is up for sale by owner with a listing price of $178,900. It is an all brick, 3 bedroom, 2bath, 1600 square foot home with a full basement and a 2.5 car attached garage. Lot size is 120×188. We paid $144,000 in 2006 and have invested approximately $16,000 since then. We have […]

    May 29, 2012