|Receiving An Offer
A buyer's realtor communicates the offer, sometimes knows as an Offer to Purchase (a legal document specifying the offers terms and conditions) to you and I. The offer states how much the buyer is willing to pay and details the conditions. The offer can be firm or conditional.
Firm Offer To Purchase
Usually preferable to the seller, because it means that the buyer will purchase the home without any conditions. If the offer is accepted, the house is sold.
Conditional Offer To Purchase
Means the buyer has placed one or more conditions on the purchase (i.e. home inspection, financing, sale of existing house, etc.) The home is not sold until all the conditions have been met. The seller can accept the offer, reject the offer or make a counter offer.
The seller agrees to all the terms and conditions exactly as set forth in the Offer ot Purchase.
The seller does not agree with any of the terms and conditions set forth in the Offer to Purchase.
The seller agrees with some of the terms and conditions of the offer, but not all of them. The seller than makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions. When the buyer receives the counter offer, he or she cna accept the new terms and conditions or reject them.
A signed offer is a binding contract. Make sure you understand and agree to all of the terms before you sign.