Ever see an expiration date on a carton of milk? Ever wonder what happens if you drink the milk past the expiration date? I’ve never tried it, but I was just reading a story online about how most foods are perfectly safe past the expiration date, and those dates can be largely ignored in good health. But what about the expiration date on your offer to purchase a home? In this episode of Seb Frey TV, I talk about offer expiration dates – and how they don’t much amount to a hill of beans. Yes, an offer can expire – but so what? You can still accept it after it’s expired, so long as the other party agrees to your acceptance. And if you do accept a buyer’s offer before it expires, that doesn’t mean much, either – because there’s nothing that forces the buyer to actually do commit to purchasing your home at that point – not until, at least, they put earnest money into escrow. I also talk about making a counter offer to an expired offer – and that’s perfectly OK, too, because a counter offer actually constitutes a whole new offer, rejecting all the terms of the prior offer including the expiration date. And YOUR counter offer has an expiration date, too – but that one doesn’t mean much – unless the buyer wants to accept your offer and does so before the expiration date – that commits YOU, the maker of the counter-offer, to those terms – but not the buyer. The buyer can still just walk away without penalty even after they’ve accepted your counter offer before it expired. The moral of the story is that a contract is only as good as the person who signs it – you need both a willing buyer and a seller working in good faith to achieve the desired result, which is the purchase / sale of the property, and little things like expiration dates usually have no effect either way on the outcome of a purchase transaction.
Real Estate Purchase Offer Expiration Dates
How does Deferred Maintenance Impact Sale Price?
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