The home ownership process can be very difficult, but you’ve managed to make it through the home owner process. You’ve passed the lengthy credit worthiness test, you secured a down payment, and you’ve selected the home of your dreams. Many people have went down the same road that you’re on, but very few people have been able to make it this far. It’s not an easy process when you’re trying to qualify for a home loan. Your family is one step closer to moving into their new home, and you’re proud of your accomplishment. However, as the seller, what really happens after you accept an offer for a house?
You’ve Accepted an Offer on a Home, Now What?
According to the US News & Home Report, it’s not easy sitting around waiting for potential home buyers. In fact, some seller’s sit dubiously waiting for their house to be sold and to get the best asking price. You’re listing price only provides the expectations of what you’re asking for by giving the buyer insight. The value on the property and the renovations isn’t included in the asking price or the offer for the home. However, some seller’s will agree to make repairs on the home as conditions on any offer that’s made to buy their house.
After establishing an offer, the seller will set a deadline for the down payment to be made. You should weigh the home value to see how much you need to pay off your mortgage on the home. If you no longer owe a mortgage, you can accept an offer that will help you purchase a new home (if that’s what you want). When you both have reached a price that you can agree on, the seller can move on with the deal. The seller should always keep the buyers preferences in mind.
At this point, it’s time to sign the documents that will indicate intent to buy the home. You will establish a closing date (this is the time for the buyer to make note of any potential repairs or renovations). However, just because you’ve signed the paperwork doesn’t mean the deal will go through. Due diligence has specific laws in every state that will allow the buyer to back out of the deal. More importantly, if the buyer wasn’t honest about their finances, has bad credit, or something comes up on their report, it will cause the seller to back out of the deal and the house will end up back on the market.