FAQs
If they're not responding, or they come back with a not-so-great counteroffer, cut to the chase. Make your maximum offer immediately and put it in writing. Then, if they still don't respond, start looking elsewhere. If the sellers have a change of heart later, they'll know how to find you.
Is it normal for a seller to stay in a house after closing? ›
Yes, sellers can stay in their house after closing day as long as all parties in the real estate transaction agree to a post-occupancy agreement in the purchase contract. If you have any questions on how to get this done or to start your new construction home search, talk to us today.
Do sellers have time limit to accept offer? ›
In theory, there's no rule about how quickly a seller has to respond to purchase offers. You can take as long as you want before responding since there is no official time frame. However, the industry standard is to get back to interested buyers within 24 to 72 hours.
What to do when seller cannot close on time? ›
Sometimes, a seller will request a closing date extension, so here are a few things to keep in mind if you find yourself in this situation.
- Analyze the situation. ...
- Consider your plans. ...
- Get the extension in writing. ...
- Review your documents. ...
- Consider your options. ...
- Get professional advice. ...
- Stay calm and flexible.
How to deal with a stubborn seller? ›
5 Tips to Close the Deal with A Stubborn Seller
- Discover What the Seller Wants. The first thing to do as the buyer's agent is to discover what it is that the sellers want. ...
- Be Willing to Waive Contingencies. ...
- Come to The Table Prepared. ...
- Offer the Seller a Rent-Back. ...
- Get Creative Connections and Expertise.
What is an acceptable first offer on a house? ›
Typically, a lowball offer is considered to be at least 20% below the asking price. If you're offering 10% below, the property should be in a good condition but may just need some cosmetic work done. The goal of offering 10% below the asking price is to use those extra funds to cover the repairs.
How close to closing can a seller back out? ›
Most home sales involve the use of a standard real estate contract, which provides a five-day attorney review provision. During this time, the seller's attorney or the buyer's attorney can cancel the contract for any reason. This allows either party to back out without consequence.
Can a deal fall through after closing? ›
There are numerous reasons a deal could fall through on or after closing day, including buyer's/seller's remorse, missing documents, and more. But it's also possible your loan could be denied at the last minute. And you, the buyer, don't have financing, the deal is off.
Why would seller delay closing? ›
Common Reasons of Delayed Escrows and Closings by A Seller
The seller needs more time to pack and move. The seller is facing issues with the new home they purchased. If you're purchasing a home through a short sale, the sellers might be stalling on purpose because they're living in the home for free.
Do sellers ever accept first offer? ›
“Receiving an early offer indicates strong interest in the property,” Napolitano says. “If the first offer received is at or above the asking price, it may be tempting for a seller to accept it, especially if the offer aligns with their expectations and the current market conditions.”
Bottom line. “Generally, a seller can't cancel without cause,” Schorr says. “You could build in some contingency, but absent that, you had better be committed to the sale.” Reneging because you fear you underpriced the house, or you actually receive a better offer, doesn't count as “cause.”
Can seller accept another offer after accepting? ›
While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.
What happens if a seller refuses to extend the closing date? ›
In most cases, if the home does not close on time, the purchase contract expires if the seller does not agree to delay closing to give the buyer some extra time. However, this only sometimes means the house purchase will not go ahead.
How do you avoid a delayed closing? ›
The best way to avoid closing delays caused by unrealistic contract dates is to be realistic about the time it will take to complete all of the necessary tasks. This includes things like getting an inspection, waiting for repairs to be completed, and finalizing the loan.
Can a seller push a closing date? ›
“A typical purchase contract says 'Closing on or before X date unless a change is mutually agreed upon by both parties,'” says Hardy. That means a final closing date is set, but there's room in the contract for either the buyer or seller to ask the other party for some wiggle room.
How do you deal with someone who won't negotiate? ›
6 Negotiating Tips for the Person Who Doesn't Like to Negotiate
- Use silence with confidence. ...
- Take control by creating deadlines. ...
- Be prepared with your offer. ...
- Don't let the other person rattle your self-esteem. ...
- Be ready to walk away and don't hesitate to do it. ...
- Don't get desperate.
What to do if the seller ignores your offer? ›
On the other hand, if the seller is simply slow to respond, speak with your real estate agent to follow up with the seller's agent. Ask them to find out if there is a counteroffer or if the seller can provide any reasoning behind having your house offer rejected.
What if the seller does not counter offer? ›
Typically, when a seller rejects your offer they come back with a counteroffer to potentially negotiate a deal what works better for them. If your offer is rejected without counter, it might mean that your offer was too low to be considered by the seller.
What if the seller is not willing to negotiate after inspection? ›
If the seller has refused to negotiate after the home inspector found issues, you've got options. Try a different negotiation approach to get the seller to change their mind, buy the home as-is or walk away if you feel you can't justify the purchase price and the cost of repairs.