The offer is a legal document which specifies the terms and conditions of the buyer's offer to purchase your home.
The buyer's agent will present the buyer's offer, also known as an APS (Agreement of Purchase & Sale) to us on their client's behalf, and then we will respond with a counter offer. Sometimes there may be more than one offer on your property coming in at the same time (a multiple offer situation). The team will guide you through this process.
We will decide together whether to "hold back" offers on your property until a certain date (i.e. all offers to be considered on the 4th of November) or to consider offers anytime. Choosing which strategy will work best depends on the type of property you are selling along with current market & area conditions, the number of comparable properties available for sale (our competition!) and we will discuss all these factors.
A buyer may wish to offer on your property before the set offer date. We will let you know of any such "bully bids" so you can choose whether or not to review these offers when they come in or instruct the buyers to wait until the appointed day.
When the day to consider offers arrives, we will keep you posted throughout the day. As the day goes by, agents whose clients are interested in your home will be calling our office to inquire how many offers are registered, what is the time & location of the offer presentation, what is your preferred closing date, and other in-depth questions that indicate their interest is more than superficial. We will call all these agents to find out whether they are registering their offers. It is most common to look at all the offers in the evening (after 6 pm) either at our office or at your home.
Registered vs. Unregistered Offers
A registered offer is an offer that has been signed by the buyers. The buyers' agent will call our office to register their offer. An unregistered offer is one that has been prepared by the agent, but remains unsigned by the buyers – agents may inform us that they are "coming in with an offer" and it is common for offers to be signed later in the evening (once buyers have left work and met with their agents). These offers may remain formally un-registered but once signed by the buyers, will also be presented to you!
This is obviously preferable to you over a conditional offer because it means that the buyer is prepared to purchase the home without any conditions. If the offer is accepted, your home is sold. As mentioned previously – a 5% deposit to be held in trust by our office is given with the agreed offer.
Acceptance of the Offer
The buyer's offer will be presented during a formal session (usually in the evening as mentioned). The buyer's agent will present their buyer's offer, explaining its terms & conditions and advocating for their client's success. Under certain circumstances the buyer's agent will fax the offer in for our consideration; sometimes a cover letter introducing their clients will accompany the offer. After we have read & discussed the offer, you may accept the offer, reject it, or submit a counter-offer.
The counter-offer may be in reference to the price, the closing date, or any number of variables.
The offers can go back and forth until both parties have agreed or one of you ends the negotiations.