Below is a quick sample of an amended offer presentation, assuming the offer is countered:
Seller Salesperson: ABC Realty Inc., Mike Smith
Buyer Salesperson: XYZ Real Estate Ltd., James Rios
Sellers: Mr. and Mrs. Wu
Buyers: Mr. and Mrs. Austin
Step 1: Rios calls Smith informing him of an offer. No details are provided.
*Note: Referred to as registering the offer
Step 2: Smith calls the Wu’s to arrange a convenient time and location, typically at the sellers’ home.
Step 3: Smith calls Rios to confirm time and location.
Step 4: Smith and Rios arrive separately. Smith presents the offer. The Wu’s may elect to make a decision in the presence of both sales persons or request a private consultation with Smith.
Step 5: The offer is not acceptable. The sellers counter by changing and initialing the price, chattels, closing date, and irrevocable clause. The Wu’s initial all changes, sign on signature lines, and date signatures. Smith witnesses the signatures.
Step 6: The counter offer is usually given to the selling salesperson for presentation. The Austin’s accept the counter offer.
*Note: In some instances, the listing salesperson may present the counter to the buyer’s in the presence of the selling salesperson
Step 7: The buyers initial all changes, sign on signature lines, date signatures, and either Mr. Or Mrs. Austin sign the Confirmation of Execution. The Austin’s portion of the Acknowledgment is completed and signed by them. Salesperson Smith and Rios sign the Commission Trust Agreement. Signed copies are distributed to the buyers. Rios retains a signed copy for XYZ Real Estate Ltd.
Step 8: Smith takes the balance of the signed agreements to communicate acceptance to the sellers, distribute copies, and complete the sellers’ portion of the Acknowledgment (listing broker’s copy), which the Wu’s then sign acknowledging receipt of a copy. The sellers receive signed copies.
Step 9: Smith retains the original for ABC Realty Inc. Signed copies are also forwarded to the lawyers as a matter of accepted business practice.
Do you need assistance Buying or Selling a home? Get a Free Home Evaluation or a Free House-Hunter Service for Buyers.
Related posts:
101 Tips For Selling Your Home!
Thinking about selling your house without a real estate agent? Sell your own home quickly, cheaply, at the best price possible without making any of the common rookie mistakes. Read more.