Sale By Owner

Purchase Offer Sale By Owner

Seven Steps to Successfully Selling Your Own Home

Step 5. The Offer to Purchase

Sale By Owner

As a Sale By Owner home seller it is imperative that you review the purchase agreement carefully and be particularly aware of any contingencies in the offer and any time limits. Write these down and mark them in your calendar so as not to miss any deadlines. Don’t be afraid to ask questions about any points you don’t understand or that aren’t clear. If the contract has been prepared by the buyer, the buyer’s attorney or buyer’s agent on behalf of the buyer, you should let the buyer or agent know that you’ll be having your real estate attorney review the contract before signing.

Generally, there will be a time limit to respond to the contract. Make sure you know what the time limit is and if you have the opportunity to speak with the buyer's agent prior to their writing of the offer, let them know how much time you, or your real estate attorney, will need to review the contract (try to respond within 24 hours) and return it to them and how long you will need in order to move out of the home for settlement so that they can prepare the contract with those items in mind.

The agreement for the sale of real estate must be in writing to be enforceable. However, it can be as simple as a handwritten contract with just a few lines or as complicated and lengthy as you and your real estate attorney would like. Since this is a legal document for the sale of likely one of your largest investments, we strongly recommend having either a licensed broker or your real estate attorney prepare or at least review your real estate Purchase Agreement before signing.

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