Acceptable Offer

After the Buyer and Seller agree on a price and all the terms, you will now have something called an ‘acceptable offer’. However, please understand; this ‘verbal agreement’ is not legally binding the Buyer or Seller. Moreover, the property will continue to be shown For Sale to other Buyers, and offers will be presented to the Seller until a ‘Contract-of-Sale’ is signed by both a Buyer AND Seller.

Executed Contracts:  ‘Until contracts are executed, the Buyer may withdraw the offer at any time to buy something else, and the Seller may withdraw the acceptance at any time and sell to someone else.’

Therefore, after an acceptable offer is negotiated, the longer it takes to have a property-inspection and proceed to an executed contract, the more opportunity the Seller has to sell at a higher price or better terms to another Buyer.

The property will continue to be shown for sale. Any agent requesting to show the home will now be told there is an “Acceptable Offer” on the property, but that all showings are encouraged and that the Seller will consider all offers.

All applicable disclosures will be distributed to the Buyer and Seller for signatures and execution. These disclosures may include some or all of the following:

NY State Property Condition Disclosure (for one to four family homes).

Federal ‘Title X’ Lead Disclosure (for houses, condos, co-ops and multi-family homes up to four-family, built pre-1978).

‘Dual Agency’ disclosures (where applicable).

A pre-approval will be faxed to the listing agent. (This was probably already completed during the negotiation process, but if not, then it will definitely be sent now). This pre-approval indicates that the lending institution completed a credit report on all the Buyers in this transaction.

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