This article is a continuation of the previous article which addressed what to do prior to placing your property on the market for sale. Here, we discuss what to do when a seller receives an offer from a prospective buyer.

When a seller receives an offer from a prospective buyer to purchase her house, it is imperative that the seller first review the offer carefully. This offer will contain all the terms and conditions on which the buyer is agreeing to purchase the property.

Upon receipt and review, the seller is presented with three options:

1) The seller can accept the offer. If an offer is accepted, a contract is created and both parties are legally bound to abide by the terms and conditions set forth therein.

2) The seller can reject the offer. If an offer is rejected, a contract is not created and the buyer’s offer is terminated. The seller cannot accept a rejected offer at a later date.

3) The seller can make a counteroffer. By making a counteroffer, the seller effectively rejects the buyer’s initial offer and makes his or her own offer to sell the property to the buyer on new terms. Once again, once an offer is rejected, it cannot be accepted at a later date.

A seller should consider many factors when deciding whether or not to accept an offer to purchase. These factors include, but are not limited to the following: price; contingencies; date of closing and requested personal property.

An experienced attorney at Paulson & Paulson, PLC should be consulted prior to acceptance of any offer and can advise you with regard to the provisions contained in a proposed offer. With this knowledge and assistance, a seller can be confident that she is making a well informed decision with regard to the sale of her home.