• Compare Offers: Look beyond price to evaluate contingencies, timelines, and other terms.
• Inform Buyers: Let all interested parties know you’ve received multiple offers to encourage their best proposals. • Choose Strategically: Opt for the offer that aligns best with your financial and personal goals, not necessarily the highest price. After Accepting an Offer Once you accept an offer, the transaction moves into the escrow phase. In Colorado, it’s essential to understand that the Contract to Buy and Sell Real Estate is written to protect the buyer. Sellers must be aware of the numerous contingencies in the contract that allow the buyer to terminate the agreement if they choose. These contingencies can include financing, inspections, title review, and more. Understanding these provisions will help you navigate the process more effectively. Here’s what to expect: 1. Earnest Money Deposit: The buyer will submit their earnest money deposit to the escrow account. 2. Inspections and Appraisals: The buyer may schedule inspections and an appraisal as part of their due diligence. 3. Negotiating Repairs: If the inspection uncovers issues, the buyer may request repairs or credits. Be prepared to negotiate further. 4. Contingencies: The buyer will work through
contingencies like financing approval and appraisal results. Clear communication with your agent is key during this stage.
Keep the Process Moving During escrow, it’s essential to stay proactive:
• Respond Promptly: Delays can create unnecessary complications. Respond to requests from your agent or the buyer’s agent in a timely manner. 65
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