REAL ESTATE Q:We have an accepted offer on our home. The closing is contingent on a home inspection and financing. Does this mean we don't have to allow any more showings? Dick Phelps A: Congratulations on receiving an acceptable offer on your home. Though that seems to lift a great weight off your shoulders, it is only the beginning. There is stll a lot of work to do and in your case contingencies to meet. As each of the contingencies are removed, we move closer to the actual closing of the sale. During this time, any one of the contingencies can be exercised and cause the sale not to close. So until then, the sale is not guaranteed. After an offer is accepted, the expectation of the buyer is that the seller will designate the property as "Pending". This signals to other potential buyers that there is an accepted offer and the home is not available. In reality, an accepted offer with contingencies is still available and should be considered. Until the contingencies are met and removed there are possibilities that the sale will not move to closing. The seller has the option of designating the property as "Pending" or designate it as "Active with Contingencies". This signals to other potential buyers that they are welcome to continue to consider the home, tour it, and even write a back-up offer. All of these actions are determined by the seller, not their Realtor. If the seller chooses the latter, and they receive another offer, it will be presented to their Realtor who in turn will, if instructed to, present it to the seller. Even though the seller and first buyer are in the midst of satisfying the contingencies, the seller may receive and consider the new offer. Say, for example, the first buyer inspects the home and has a long list of repair requests, unfortunately the seller may have another and better offer. The seller in this situation can refuse to complete the repairs. If the buyer does not drop the contingency and continues to request repairs, the seller may then choose to cancel the first offer and accept the backup offer. It is important to keep in mind; the Realtor does not make the decisions in situations as this. The seller decides how the property is to be designated. The seller decides if they will allow more showing or in the case of a backup offer whether they look at it or not. Realtors follow the lawful instructions of their clients. Centur For Questions Contact: Dick Phelps 218-766-5263 rphelps@century21ldickinson.com DICKINSON REALTORS REAL ESTATE Q:We have an accepted offer on our home. The closing is contingent on a home inspection and financing. Does this mean we don't have to allow any more showings? Dick Phelps A: Congratulations on receiving an acceptable offer on your home. Though that seems to lift a great weight off your shoulders, it is only the beginning. There is stll a lot of work to do and in your case contingencies to meet. As each of the contingencies are removed, we move closer to the actual closing of the sale. During this time, any one of the contingencies can be exercised and cause the sale not to close. So until then, the sale is not guaranteed. After an offer is accepted, the expectation of the buyer is that the seller will designate the property as "Pending". This signals to other potential buyers that there is an accepted offer and the home is not available. In reality, an accepted offer with contingencies is still available and should be considered. Until the contingencies are met and removed there are possibilities that the sale will not move to closing. The seller has the option of designating the property as "Pending" or designate it as "Active with Contingencies". This signals to other potential buyers that they are welcome to continue to consider the home, tour it, and even write a back-up offer. All of these actions are determined by the seller, not their Realtor. If the seller chooses the latter, and they receive another offer, it will be presented to their Realtor who in turn will, if instructed to, present it to the seller. Even though the seller and first buyer are in the midst of satisfying the contingencies, the seller may receive and consider the new offer. Say, for example, the first buyer inspects the home and has a long list of repair requests, unfortunately the seller may have another and better offer. The seller in this situation can refuse to complete the repairs. If the buyer does not drop the contingency and continues to request repairs, the seller may then choose to cancel the first offer and accept the backup offer. It is important to keep in mind; the Realtor does not make the decisions in situations as this. The seller decides how the property is to be designated. The seller decides if they will allow more showing or in the case of a backup offer whether they look at it or not. Realtors follow the lawful instructions of their clients. Centur For Questions Contact: Dick Phelps 218-766-5263 rphelps@century21ldickinson.com DICKINSON REALTORS