Accept an Offer

The Price Isn't Always Right
"The higher the price, the better the offer." Don't let yourself be fooled by this popular misconception. Price isn't always the determining factor in choosing among multiple offers, for several important reasons: the initial offer is never final, and there are a number of terms and conditions that may influence the final outcome of a price. You can trust your Providence Properties listing agent to help you thoroughly evaluate every proposal.

Negotiating The Right Way
At Providence Properties we take the ethical responsibility of negotiating contract terms very seriously. It's our job to find a win-win agreement that's beneficial to all parties involved. Oftentimes you will have to deal with multiple offers before ratifying the one you judge to be the most suitable for you - and your agent will provide you with an objective assessment of these offers to help you make the right choice.

Escrow: The Initial Agreement and Deposit
An escrow is a legal arrangement whereby an asset (such as a property buyer's initial deposit) is delivered to a third party (an escrow holder) to be held in trust pending the fulfillment of conditions or contingencies in a contract. Once an offer is ratified, the property seller and buyer will agree upon the amount for the good faith deposit (earnest money) and is deposited into an escrow account. The earnest money deposit reflects the buyer's intention to purchase your property and ensures that no funds or property will change hands until all instructions in the transaction are followed.

Some Important Tips
Keep these tips in mind to streamline the process even further:

•  Keep written records of everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements of everything from counter-offers and addendums, and convert them to written agreements to be signed by both parties. Your Providence Properties agent will assist you in drafting contract addendums to ensure you've got all the bases covered.

•  Stick to the schedule. Now that you've chosen your offer, you and the buyer will be given a timetable to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations. During the process your Providence Properties agent will keep you constantly updated so you'll always be prepared for the next step.