I have two questions pertaining to real estate. I put an offer on a house yesterday and expect and answer today. I already know we can get the loan for the full amount (not just what we offered), because we went to the bank and got everything checked out even telling them what the house was, so that’s not an issue.The questions I have are, if the seller doesn’t get in contact with the real estate agent by the time on the contract we made up what happens then? (It’s getting closer and we have heard nothing, the real estate agent did tell me she got a hold of them last night and they are discussing it.)The other questions, which is the most important to me, if they counter-offer my offer and I decide that offer is reasonable and agree is it official that the house will be ours after I agree or does it have to be talked over with them again and they can change their mind?I thought I would ask here first instead of bugging my agent yet again, I am a first time home buyer and very excited and nervous, thanks guys!
You made an offer. SEller can accept offer by signing, in which case you have a binding contract between you. Seller can counteroffer, which is a rejection of your offer, and a new offer to you. You are NOT bound unless you accept their counteroffer and sign it. SEller can do nothing, in which case your offer expires at the stated time. House is NOT yours until you CLOSE the sale. EVERYTHING should be in writing--oral modifications are not binding. Be sure your contract provides for a professional home inspection, and that YOU accompany inspector and learn everything you can about house you are contemplating buying.
Becca, that is what your agent to suppose to help you with. Don't ever be embarrassed about asking them questions. If the seller doesn't answer the offer in the time you've given them, then you have a decision to make. You can extend that, do nothing and walk away, or make another offer. If they counter offer, you get to: accept, reject or counter offer back. Once one party accepts the offer of the other, and signs the documents, the property is technically the buyers. Meaning the sellers can not continue to offer the property for sale, nor accept any other offers. Once both parties agree and sign the paperwork, it's a done deal, all that is left to do is closing.
Angela is correct but nothing is final till all underwriting is final. Get the home inspected as well and make sure that is an out in the contract if it does not pass muster
If the sellers don't respond by the deadline on your contract then your contract is dead. You would have to submit another offer or you could offer an extension on the time. If the sellers counter-offer and you agree to it then you both will sign the contract with the new price. Actually, you've already signed it so you will most likely initial that you agree to the new price. Once the contract is signed by both parties then it is locked in and the house will become yours at closing. Until the contract is signed by both parties, either party can back out.
