4. Accepted Offer
- I don't mean to be vague, but there are so many variables to an accepted offer that it's difficult to cover everything here. When and how a seller responds, who the seller is in relation to the property (trustee, divorced, institution, etc.), the condition of the property, your financial strength or need; all of this goes into any counter offer and is part and parcel of the negotiation.
- The thing to remember about a real estate transaction is that all parties want the same thing. Sellers want to sell and buyers want to buy. It's not meant to be adversarial like the legal system, nor should it ever be. We have a common goal: to transfer the deed from one party to another. The interesting and tricky part is settling on acceptable terms.
- Once an offer is accepted by both parties, the clock starts ticking toward Recording.
- Are you going to be here for closing? If it's possible that you will not, then get a notarized Power of Attorney (POA). Many of my pilot clients use a POA. They are written to be valid only for this transaction. The rules about where the margins on the paper fall (no kidding) and what constitutes a valid notarization seem to be inconsistent between real estate professionals, so I'm now recommending that a couple weeks after the accepted offer, you go to the title company stated in your contract and tell them you'd like a POA for your transaction. They will prepare one and notarize it for you. Make sure you get a copy of it for yourself and one for me. The title company always needs the original, so you may as well let them do it the way they want. I bought a condo in 1982 and my sister was my POA and signed all my closing docs. Most people using POA's have their spouse do it. The only signature needed on the POA is the one giving the power, the other person does not need to sign the POA.