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FAQs

Offer Terms

1. What is the Occupancy Period?

2. What is the Preferred Closing Date?

3. How do I correct a mistake in the offer I submitted?

4. How can I tell the status of an offer?

5. Where do I enter the commission?

6. What information do I need to submit an offer?


1. What is the Occupancy Period?

The Occupancy Period is the maximum number of days that the seller is expecting to remain in the home after closing before they move out. 

The Daily Occupancy Rate is the amount per day that the seller is willing to pay until they move out.

These terms are negotiable, but the seller reviews each offer against their own criteria.

2. What is the Preferred Closing Date?

The date on which the seller expects to close on the sale of the property.


This date is negotiable, but helps the buyer to know what the seller ultimately would prefer.

3. How do I correct a mistake in the offer I submitted?

Once a bid is submitted, it is "locked" and cannot be changed.  It can be deleted by logging into your account, clicking the Property ID#, and clicking "Cancel".

If any of the information is submitted incorrectly, you must submit a new, correct offer and include a note indicating the Offer ID# of the offer it is replacing. 

If an incorrectly submitted offer is accepted by the seller, DO NOT CONFIRM. The accepted offer will expire on its own.

4. How can I tell the status of an offer?

You are encouraged to login to your account at SellerNation.com to view any and all updates in real-time. 

Each agent also receives an email whenever an action or decision regarding an offer is made by the seller.

5. Where do I enter the commission?

Commissions should not be included in the offer terms as it is not a term of sale between buyer and seller.  Commissions are paid according to offer of compensation in the local MLS where the property appears.  



6. What information do I need to submit an offer?

You'll need the items you normally need when you prepare a purchase agreement:
  • The legal name of all buyers (and the business entity name/name of trust if applicable)
  • The buyer's current address
  • The offer amount
  • The amount of any requested seller concessions
  • The amount requested that the seller pay towards any required repairs
  • The amount of any requested home warranty to be paid by the seller
  • The amount of any other costs you may be requesting the seller to pay
YOU DO NOT HAVE TO ENTER TYPICAL SELLER CLOSING COSTS OR TITLE AND COMMISSION CHARGES. ONLY THOSE ITEMS YOU MAY BE REQUESTING THE SELLER TO PAY ON YOUR BUYER'S BEHALF.
  • The amount of earnest money deposit to be paid with acceptance in certified funds
  • The number of days for any inspections
  • The proposed closing date
  • The type of financing the buyer is using
  • The buyer's occupancy intent
  • Any specific inclusions or exclusions
You'll have space to include additional information for the seller's review in the Comment section of the offer form.

You will also need to upload a copy of your buyer's mortgage pre-approval dated within the last 30 days if the buyer is using financing.  If yours is a cash offer, you'll need to upload satisfactory proof of funds dated within the last 30 days.

 

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