Question about when an offer is accepted

DH and i have just started the house hunting process and I have been reading a lot of the posts on this board. Can someone tell me what happens when an offer is accepted? Just so we know what to expect. Once an offer is accepted can someone else make an offer? Do they have to tell you, so that you can counter? Thanks in advance!

Re: Question about when an offer is accepted

Pretty much it becomes a more solid deal once the contracts are signed. Ideally, when an offer is made, the seller stops showing the house and stops accepting offers. Most of the time this is what will happen, but they can accept further offers until the contracts are signed.

I recommend getting a buyer broker, as they can act on your behalf. Just hiring a real estate person will not allow them to act on your behalf as a buyer.

Good luck!

Re: Question about when an offer is accepted

When your offer is accepted, the sellers attorney will prepare a contract of sale.

In the meantime you will get an inspection report.

Your attorney will review the contract, make any changes, and you will sign it, the sellers will sign it, and then your deal is firm.

Until the contracts are signed by BOTH parties they can keep showing the house (if they want to) and hear other offers. They are just covering their butts in case you choose not to sign they will have a back up deal.

After youre in contract is when you go for financing, run the title report, etc.. and set a closing date.

Good Luck!

Re: Question about when an offer is accepted

Adding:

No they dont have to tell you anything. But they most likely would give you another shot to outbid that person. They want the most money as possible!

Re: Question about when an offer is accepted

Technically - a seller can HEAR all offers on a house up until everyone is sitting at the Closing table.

Do most people do this? NO. Most sellers look at the deal as DONE as long as both parties have signed the contract.

Like the other girls said - once your offer is accepted the first step is to have an engineer come in. One that also does termite inspection. The contracts will be sent to the lawyers to be drafted. Both parties will sign. You then need to meet with either a bank or a mortgage broker to start shopping around for rates. Once you lock into a rate and get a bank they will send an appraiser out to look at the house. Once the appraiser comes out - it's pretty much smooth sailing from there. The annoying part - IMO - was gathering all of the data that the mortgage broker needed. It's a stressful time but also an exciting one!

Good luck!