DO OFFERS HAVE PRECEDENCE?

Good news! A written offer has come in on your property. Because offers must be presented immediately, you might even be notified while out of town. This is a good reason to keep your agent apprised of your whereabouts. Leave your cell or vacation number w/your agent.

Most homeowners react by immediately asking how much the buyers are prepared to pay. However, if there are several minor provisions or a major one included in the offer, don’t be put off if the agent would prefer to set up a time and place to discuss the offer with you personally and explain the details and financial elements. What may sound extremely good or bad over the phone may look a lot different when explained on paper.

If several offers come in, it’s best to consider all at the same time. The first one signed by the buyer does not have any precedence. If you have not acted on any offer, you are free to consider all of them and respond to whichever one you choose.

An Executed Contract is one that has been signed by the buyer(s) & seller(s). Lastly, fees due brokers & agents are usually earned and payable in the passing of title or in the case of coops, when stock transfer takes place at closing. Exceptions to this can occur depending on what the client (seller) agrees with his/her broker or agent.