After a home inspection, buyers in Washington often decide whether to ask the seller to complete repairs or offer a credit instead. Both are common approaches, and either one can be appropriate depending on the situation. While the inspectio...
A contingency is a condition in a real estate offer that must be met for the transaction to move forward. It gives the buyer or seller a clear way to move forward, renegotiate, or step away from the deal depending on what happens during the ...
A backup offer is an offer on a home that is already under contract with another buyer. Instead of replacing that first deal, it puts you in position in case the transaction falls apart. If the first deal does fail, a backup offer can move i...
When a buyer or seller responds to an offer by changing any of the terms, that response is a counteroffer. Instead of accepting the original offer, the responding party is proposing a different set of terms for the other side to consider. W...
Earnest money is a deposit a buyer makes when they submit an offer on a home. It shows the seller that the buyer is serious and willing to move forward under the terms of the agreement. If the offer is accepted, the earnest money becomes ...
Yes. In most cases, a buyer or seller can withdraw an offer or counteroffer at any time before it has been accepted and properly delivered. Once an offer has been fully signed by both parties and delivered according to the agreement, it beco...
A real estate offer in Washington does not stay open indefinitely. Under the standard NWMLS purchase and sale agreement, an offer has an expiration date. If the seller signs and returns the offer exactly as written before that deadline, ther...
