Selling Your Home - Step 12 - We've Received An Offer - What's Next???
- Barbara Reagan
- May 5
- 3 min read
Updated: May 9
Great news—we’ve received an offer on your home! 🎉 This is a huge step forward, and we’re excited to go over it together. When reviewing the offer, there are a few key points we’ll want to pay close attention to:
💰 Offer Price
How does the offer stack up compared to what you were hoping to get? And what’s the lowest amount you’d feel comfortable accepting? We’ll compare it to your goals and decide if it makes sense for you.
📅 Closing Date
In Richmond, closings usually happen 30–45 days after the offer is accepted. Buyers might request more time if they’re:
Using a special loan program
Renting and need to give notice
Selling their current home first
If the buyer is paying all cash, we can usually close faster—but if there’s a mortgage involved, plan on about 30 days minimum.
💵 Earnest Money
This is the money a buyer puts down to show they’re serious. We usually like to see a minimum of 1% of the purchase price, but you will want to see how that compares with other offers you may have received! We’ll look at this carefully.
🏦 Down Payment
This varies depending on the buyer’s loan, but a 3%–20% down payment is ideal A higher down payment typically means a smoother loan approval process.
💸 Closing Cost Credits
Sometimes buyers ask the seller (that’s you) to cover part of their closing costs. For example, if the buyer offers $500,000 but asks for a $10,000 credit, that’s really a $490,000 net offer to you. We’ll do the math together.
🛠 Home Warranty
If the buyer requests a home warranty, it’ll usually cost $600–$1,000, and you’d pay for it at closing. We’ll check the offer to see if this is included.
🛋 Personal Property
Did they ask for any of your furniture or décor? Items like bar stools, light fixtures, or that cool mirror in the entryway? You’re not obligated to include anything you want to take with you—totally up to you! Are they requesting personal property such as a refrigerator, washer, dryer?
🔄 Contingencies
Does the buyer need to sell their current home before they can buy yours? That’s a contingency we’ll want to discuss carefully. There may be other contingencies, such as financing, appraisal, inspections, etc.
📎 Additional Riders or Addendums
We’ll also check for any extras added to the contract that could affect the terms.
Once we’ve gone through everything together, you’ll decide whether to:
Accept the offer
Make a counteroffer
Decline it and wait for a better one
Negotiations can move quickly—or take a little time. Some offers are finalized in a couple of hours, while others may take days or even weeks. It all depends on how fast everyone responds and how available the parties are. Either way, we’ll guide you through it step by step.
Stay patient, stay positive—we’re getting closer to the finish line! 🙌
If you do decide to accept the offer - you have negotiated an accepted offer, congratulations! You are one step closer to the finish line! Congratulations—I'm so excited for you! 🎉
Now that you have verbally accepted an offer, the next step is for both parties to sign the contract.
Once that is done, your home will go to a Pending status in MLS. Most agents will not show the house once the status has been changed in MLS.
What Happens Next?
The contract now says when the buyer will drop off their earnest money deposit! Normally, they will wire the funds to whoever they specified in the contract will receive it - it could be their real estate brokerage or it could be their attorney who will do the closing! This payment is the buyer’s way of showing they’re serious about moving forward—it’s a good faith deposit that will go toward their down payment at closing.
As soon as we receive the earnest money, we’ll send you a receipt for your records. Our office holds this deposit because we can act as a neutral third party in case there’s ever a dispute about it later on.
You’re now one big step closer to the finish line—I'll keep guiding you every step of the way! 🏡✨
Yorumlar