Step 12 to Selling Your Home: We’ve Received an Offer. What Does It Mean?

We’ve Received an Offer — Let’s Review Together

Fabulous news! We’ve got our first offer. We’ll walk through the contract side-by-side and focus on the elements that impact your timeline and net.

Key Terms to Review

• Offer Price: How does it compare to your target and your minimum acceptable number?
• Closing Date: Typical timing is 30–45 days after acceptance (faster for cash; special loan programs may need longer).
• Earnest Money: Commonly 5%–10%. Less may indicate a special loan program (e.g., VA/FHA) or tighter finances.
• Down Payment: Larger is generally stronger (we like to see ≥10%, 20% ideal, unless VA/FHA).
• Closing Cost Credits: Credits reduce your net. Example: $500,000 offer with a $10,000 credit = $490,000 net offer.
• Home Warranty: If requested, expect roughly $400–$1,000 paid by you at closing.
• Personal Property: Did they ask for items (e.g., lamp, bar stools)? You are not required to include them.
• Contingencies: Financing, inspection, appraisal, home sale, etc.—and their timelines.
• Riders/Addenda: Any additional terms that alter the standard contract?

Next Moves

After we review, you’ll choose to accept, counter, or decline. Some negotiations move quickly (a few hours); others take longer (up to a couple of weeks) depending on responsiveness, travel, and decision speed. We’ll manage the cadence and keep you updated—patience pays.