“Closing an offer” means that written offers and counter-offers finally resulted in an unequivocal written acceptance by one of the parties. At that point you have a contract for the sale and purchase of real estate. When a written offer comes in and our clients, the sellers, want to respond to that offer, we review it with them in detail. We look at the offer with our clients and tell them what the issues are, and hear what they want to say in response. We together formulate their response.
Very often a buyer will come in and will say, “We want to you to accept our offer, but we have a house to sell, so it’s contingent on the sale of our house.” Or there might be other contingencies that hold up the transaction even after a price has been agreed upon.
The seller wants to limit the contingencies, and more importantly, limit the time frame of the contingencies so that they know that this buyer is going to buy their property in a timely manner and that the property isn’t going to be taken off the market for an exorbitant amount of time only to find that this buyer isn’t really going to buy the property. They don’t want to have to start over several months down the road.
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