Are you buying a house, and the seller has already accepted your offer? That’s great news, but you may be wondering what the next steps are. The period between the acceptance of your offer and the begging of escrow can be very uncertain and many house buyers are left wondering what the next steps are. While this may be disconcerting, we are here to help you and provide you with 4 possible steps that may be required after the seller has accepted your offer. This also applies if you are looking to sell your house in California.
Signing an agreement for the purchase
For most buyers, signing a purchase agreement is the next ideal step. When purchasing a home, the offer is regarded to be under contract when it has been accepted by the seller in writing and both the seller and the buyer have signed the written contract. The following information is described by a written contract (purchase agreement):
– The purchase agreement identifies the seller and buyer
– It provides a legal summary of the house in question
– The purchase agreement provides financial details such as the purchase price, buyer financing, amount of money being deposited
– Detailed conditions of the sale
– A timeline outlining an expiration date for the offer and a closing date
In addition to this, the contract must provide detailed information regarding the current state of the house, disclosure of the property and any important concessions from the seller. Once both parties have signed the purchase agreement and the determined money or earnest money has been deposited, the buyer has the legal right to buy the house as long as all requirements outlined in the contract are met. Once all of this is completed the sale is put into escrow.
The seller wishes to negotiate the price offered by the buyer
While your offer may be attractive to the seller, the seller may still desire to negotiate minor details of your terms in order to work a better deal for them. The seller may do this by presenting a counter offer. This is a good sign, as the seller is highly interested in your overall offer, however, the seller’s counter offer may require changes that you may not be able to fulfill or be unwilling to change. A good buying agent can help you make the right choices when it comes to situations of this nature. If both sides can reach an agreement on the new offer or counteroffer a purchase agreement will need to be issued and signed by both parties.
You, the buyer can decide to cancel the deal
Backing out of an accepted offer is possible however, it all depends on the contingencies outlined in your purchase agreement. If you were able to fulfill all your obligations as the buyer, you are free to walk away from the deal and dissolve the contract. Depending on your purchase agreement, you can recover your earnest deposit or lose it if you waived all of your contingencies.
The seller decides to back out of the deal
The time when the seller decides to walk away from the deal is highly important. If the seller withdraws before you signed the purchase agreement and has returned your earnest deposit back, there is nothing that can be done.
If a purchase agreement exists, the seller can withdraw if contingencies are not met, for example, a seller may refuse to negotiate repairs, forcing you to cancel the contract. While the seller is not at risk of losing money like the buyer is, a seller who simply walks out of a contract could face a lawsuit from the buyer for breaching the contract.
Looking for a quick, trouble-free way to sell or buy a house in California? We can help, visit https://www.housebuyernetwork.com/california/ for further details.
The House Buyers Network is a website designed to help you get a legitimate offer on your house or property!
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