PETALUMA CALIFORNIA - PETALUMA Homes and Real Estate For Sale

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People are often surprised by these answers to commonly asked questions about the process of offer and acceptance. Take a look and see if one or more is a surprise to you.

Q: We made an offer to the seller that expires at 5:00 p.m. on Friday. The seller has to give us an answer by then, right? A: No. If you've gone to the trouble of making a written offer, most sellers will be courteous enough to respond. And they are wise to do so, because even if the offer is not immediately acceptable, the seller has a better chance of negotiating with you if he responds promptly, usually with a counter offer. Most buyers would rather be politely and formally rejected than completely ignored. However, there is nothing that obligates a seller to respond at all. He can make paper airplanes out of your offer if he wishes. If you do get a counter-offer, that's a new offer from the seller to you. A counter offer may be made at any time, even after the expiration of your original offer.

Q: If we make an all-cash offer at the seller's asking price, doesn't he have to accept it? A: No. When a property owner lists his property for sale, he is merely inviting offers. The listing is not a promise to sell. The only promise an owner makes in a listing agreement is to pay his broker for obtaining a certain result.

Q: Doesn't the seller have to answer our offer first before dealing with any new ones? If a better offer comes in after ours, don't we get a chance to match it? A: No and no. Being there first does not give your offer priority over subsequent offers. Until and unless your offer is accepted, the seller is free to accept any others.

Q: If the seller is going to accept one of several offers, doesn't he have to pick the highest offer? A: No. The seller may consider any terms of the offers in deciding on a response. There may be many aspects of an offer that are more important than price.

Q: The seller gave us a counter-offer that expires Sunday at noon. Does that mean we have until then to think it over? A: No. Like any offer, the seller's counter-offer to you may be revoked by the seller at any time prior to receipt of your signed acceptance. If the seller receives a better offer while you're thinking it over, he just might give you that revocation notice.

Q: If we make a low offer, should we expect the seller to meet us at least halfway? A: No. There isn't necessarily a correlation between offering price and seller response, but usually, the lower the offer, the higher the counter-offer.

Q: Do you answer every question with 'no'? A: No.

Whether you are a buyer or seller, you can benefit by having professional guidance in the transaction. Having a clear understanding of the rules and possible outcomes will help you plan your offer strategy and prepare you to make wise decisions.