This is the goal we all want when we put your house for sale in Saskatoon. Sometimes an offer can come in as early as a few hours after listing your home, other times it can take several weeks to months. Usually if it is taking several months this means your house is overpriced for the condition, location and current Saskatoon real estate market. Every house sells, it just depends on the price.
We do our offers on legal Residential Contract of Purchase and Sale documents. This is a 3 page document that advises the seller of the buyer’s name(s), price they are offering, deposit they are offering (refundable if conditions are not removed), financing situation (5% vs 20% vs cash and any amount in between) . It also generally contains Conditions (the way out for the buyer, usually to be removed within 5 business days) and information about possession date that they want and the items they want included in the sale (other than fixed items such as dishwashers that are plumbed in, mirrors that are fixed from the front etc) and then how long they are giving you to deal with the offer.
You have 3 choices:
- You can accept the offer as written and not make any changes.
- You can give the buyer a counter offer as there are some items that you don’t agree to. Often these items include the price they are offering, possession date, and sometimes the items they are requesting.
- You can outright reject the offer as it is insulting.
If you give them a counter offer you put the ball back in the buyer’s court and they can decide if they want to accept your counter offer or write a new offer. In Saskatoon real estate you cannot counter offer a counter offer-the buyer will need to come in with a new offer. Sometimes there is some verbal back and forth if the offer/counter offer isn’t too far apart but this should all be done in writing by law.
After everyone has come to an agreement and the documents are signed it is up to the buyer to get their conditions met. Their Saskatoon real estate professional should be looking after getting the information to the correct people such as the lender, lawyer, etc. Usually they need 5 business days but sometimes they may need a bit more time so this will be case dependant.
Each offer will require different things to be discussed and considered so dealing with a trusted Saskatoon REALTOR® who is also an experienced Saskatoon real estate agent is important.