Expired Offer on House? Here's What to Do Next

As a real estate agent, you may occasionally encounter expired offers – that is, offers on a property that have passed their expiration date without being accepted or declined by the seller. If you're not sure how to handle expired offers, this video is for you!
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The first step in handling expired offers is to communicate with the seller and find out why the offer was not accepted or declined. This may involve discussing any concerns or issues the seller had with the offer, or simply asking if they are still interested in selling the property.

If the seller is still interested in selling the property, you may be able to negotiate a new offer or try to reach an agreement on the original offer. This may involve discussing changes to the offer terms, such as the price, closing date, or contingencies. It's important to be respectful and professional during this process, as the seller may have valid reasons for not accepting the initial offer.

If the seller is no longer interested in selling the property, or if you are unable to reach an agreement on a new offer, you'll need to move on to other properties or buyers. This may involve withdrawing the offer or finding new properties or buyers to work with.

It's also a good idea to document the expired offer and any communication or negotiations that took place. This can help protect you and your client in the event of any disputes or misunderstandings.

In conclusion, handling expired offers in real estate involves communicating with the seller, negotiating a new offer or agreement if possible, and moving on to other properties or buyers if necessary. By being professional and well-organized, you can navigate this process smoothly and effectively.

Chapters:
00:00 - Make expiration of offer a win-win
00:49 - How long does a home seller have to respond to the purchase offer?
01:33 - What are the "3 W's" of the purchase offer
02:02 - How to put pressure on the seller to respond to your offer
02:25 - What determines which party has negotiating power?
02:55 - The Expiration of Offer can backfire on you if...
03:15 - Here's when to use the expiration of offer
03:57 - What happens when you're the seller getting an offer
05:07 - The RPA was updated in December 2021 with this important information

#PurchaseOffer #ResidentialPurchaseAgreement #RealEstate
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