If your working with a realtor or your a "for sale by owner" there are a few things you might want to know. Perhaps your agent didn't tell you, if your a for sale by owner, then you just might not ever know.
When you receive an offer on a home, you can counter their offer, but continue to show the home and receive other offers from other home buyers. You are not obligated to a buyer until you have signed contracts. An offer to purchase is just that an offer, until you have contracts signed, nothing is binding.
Once the offer is accepted you still have to get through the home inspection, which undoubtedly they will want to negotiate the repairs either by credit or a price reduction. Once again you are back to negotiating, you still don't have a meeting of the minds.
Until your I's are dotted and the T's are crossed,you and the home buyer have come to a "meeting of the minds" contracts have been signed, keep the house on the market, counter your offers that come in, but do not stop showing until you have signed contracts.
PS. Once you accept an offer, it is only fair that parties that want to show the home are aware of the accepted offer.
I work in New York, where contracts are drawn up by attorneys, and our offers are subject to the attorney's review.
You might live elsewhere and it could differ from state to state, either by law or by practice. Ask your real estate agent where you live, if you come across the problem.
Thinking of selling or purchasing a home in Westchester, Putnam or Dutchess county NY? Please visit Town and Village Realty
Questions about Westchester Real Estate Market contact me at lisa@townandvillagerealty.com I'll be sure to promptly respond.
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