Check Your Understanding Answers
- Describe the process of making an offer.
When there is a buyer who wants to put an offer on a house, the licensee sits down with the buyer to fill out a sales contract form. When the buyer has included all details, such as financing, closing date, and other considerations on the contract form, he or she signs the document, it is delivered to the seller or listing agent, and there is an offer.
- What four options does a seller have when presented with an offer?
- Accept it
- Reject it
- Counteroffer
- Fail to act
- Why is it in a buyer’s best interest to make the best offer possible?
This gives the buyer the best chance of getting the home he or she wants. The danger is another buyer could get involved and limit the negotiating ability of the current buyer.
- When does an offer become a contract?
An offer becomes a contract when the offer is accepted, that acceptance is communicated to the other party, and all signatures and initials are obtained from both parties.
