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What happens next?
Once an offer has been made, the seller has three options:
- Accept the offer exactly as written
- Reject the offer outright
- Reject the offer and make a counter offer with different conditions, terms, amounts, etc.
If the seller should make any changes to the offer whatsoever, this is a counter offer. In the event of a counter offer, the buyer then has the same three options. When all parties have agreed on the terms of a contract, have initialed all changes, have signed the agreement, and the agreement has been delivered and accepted by the other party, the contract is then in full force. The contract is binding upon all parties to the agreement subject to any contingencies. Possible contingencies include loan approval, review of homeowners documents, inspections, sale of another property, and delivery of pertinent documents. In the contract, specific time limits for each contingency are set.
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