You have done a great job prepping your home for showings. Your Realtor has done a great job pricing, listing and marketing your home to prospective buyers. And now, your Realtor has just presented you with a great offer from someone hoping to purchase your Tampa home.
What happens next?
Here’s what to do and what to expect once you have received a great offer to buy your Tampa home:
- Be ready to act quickly when you receive an offer on your home. Most offers have a strict time limit – typically 24 to 48 hours – for you to accept, counteroffer or reject the contract. And if you decide to accept the contract or if you are planning on making a counteroffer do it quickly because until you act the buyer can withdraw their offer at any time.
- Keep in mind that even if price is agreed upon there are many other factors to consider and negotiate within the sales contract. All parties involved must approve any and all changes made to the contract because even the most minor changes can invalidate the contract and stop the deal if not approved by all involved and signed off on.
- Read the purchase and sales agreement closely to ensure that all details are correct. Check and recheck the sales price, closing date and all contingencies to make sure they are exactly as there were on the offer sheet you accepted. If there are any inaccuracies bring them to the attention of your Realtor immediately.
- The moment you accept an offer by signing the purchase and sale agreement you have a binding contract with the buyer.
- Any earnest money put up by the buyer will be deposited into an escrow account until the close of the sale or the sale falls through.
- During the period of time between accepting the offer and going to the closing table be prepared for the following:
- There will be a home inspection requested by the buyer to evaluate the condition of the property.
- Repairs to your home that may need to be made as spelled out and agreed to in the contract.
- There will be an appraisal, requested by the buyer’s lender, to determine the property’s value.
- A title search will be conducted by the title insurance company to make sure there are no liens on your property.
Your Tampa real estate professional will help guide you through the process of getting top offers for your home and can prepare you for what to expect once you have agreed to a purchase contract.