Can a Counter Offer On a Sacramento Home Come Back to Life?
There are always second chances to sell a property, but one question a seller asked yesterday was interesting. He asked, can a counter offer on a Sacramento home come back to life? Last week, we received an offer on his Sacramento listing in Midtown. The offer needed a counter offer as there were some things that needed to be much improved. The good faith deposit, for instance, it was very low. I had not seen such a low offer of a deposit amount in many years. We write offers with three percent down as that is the liquidated damages amount. A generous good faith deposit tells the seller a buyer is serious.
In purchase agreements there are many things a seller can be really picky about. We stick to the important items. The deposit, verification of funds needed to close, the offering price, the time frames, a lender loan approval, and what costs they ask the seller to pay for. The escrow length of time frame is critical and often depends on the type of loan. Possession can be tricky if the seller is living in the property.
After everything was put onto the counter offer and the seller signed, I sent it to the buyer’s agent. The buyers were taking some time thinking it over evidently. I asked the buyer’s agent the next day when we could expect to receive it. He said they had decided not to move forward. I immediately let the seller know, he was so very disappointed.
The next day the buyer’s agent called me to say the buyer had changed their mind and he was sending over the buyer accepted counter offer. I let the seller know right away and he was thrilled that the counter offer was resurrected! Can a counter offer on a Sacramento home come back to life? Yes, it sure can as the seller had not withdrawn the counter offer with a “Withdrawal Of Offer” form. (C.A.R. Form WOO) Counter offers expire automatically on the third day after it is signed at 5:00 PM. A counter offer can however, expire sooner or later, depending on how long a buyer or seller offers the other party to respond.
As the buyers had decided they were now willing to accept the seller’s terms they had signed the seller’s counter offer. As the listing agent, I’m authorized to receive it on behalf of the seller; however, I immediately sent to the seller as is our policy. The seller initialed and dated the confirmation of acceptance on the counter offer. A copy was emailed to the buyer’s agent. The buyer’s agent then confirmed receipt of the acceptance.
A binding agreement is created when a copy of the signed acceptance is personally received by the seller or seller’s authorized agent within the time frames before the counter offer expires. A seller can however, agree to extend time on a counter offer, if it has expired.
If you are interested in selling your home, please call the Weintraub & Wallace team of RE/MAX Gold today at 916-233-6759.
— JaCi Wallace