This is your Member Reference Number (MRN). You’ll need to provide this when you make an appointment with an EAP counselor or contact your EAP by phone.

Anthem provides automatic translation into multiple languages, courtesy of Google Translate. This tool is provided for your convenience only. The English language version is considered the most accurate, and in the event of a discrepancy between the translations, the English version will prevail. This translation tool is not controlled by Anthem, and the Anthem Privacy Statement will not apply. Please read Google's privacy statement. If you want Google to translate the Anthem website, select a language.

Benefits with The Local Choice

Your EAP offers these great resources.

Home Buying Timeline: From Offer to Purchase Contract

After you've made an offer to buy a house, the seller will accept your offer, make a counteroffer with one or more changes, or reject the offer outright. We'll describe here how this will all play out.

First, it's important to realize that, whether yours is the only offer to have come along or one of many, a seller usually doesn't have to accept any particular offer. Many buyers assume that if they get their offer in before anyone else's, or theirs has the highest dollar figure on it, the house is theirs for the buying. But that's not so. In most states, it doesn't matter if your offer is the first or the highest the seller simply has no obligation to accept it. (An exception exists in a few states, where the seller must upon receiving a full-price offer with no contingencies either accept the offer or take the house off the market.)

Now, on with the post-offer timeline.

If the Seller Accepts Your House Purchase Offer

With any luck, after submitting the offer to buy a house, the first thing you'll hear back from your real estate agent is that the seller is interested in going forward. But that doesn't yet mean you're in contract that is, mutually bound to complete the sale. It's rare for a seller to accept a buyer's offer as written. More likely the seller will counteroffer, as described next.

Counteroffers

Commonly, the seller will respond to your offer with a written counteroffer accepting some or most of the terms, but proposing changes to the:

You can accept the seller's counteroffer, reject it, or present a counter counteroffer. The negotiations will continue until either a deal or an impasse is reached. If you reach a verbal agreement on a deal, great but you're not in contract yet, nor bound to the deal.

If the Seller Rejects Your House Purchase Offer

Unless you're in a bidding war with other buyers, or you've submitted an absurdly lowball offer, it's unlikely that the seller will just say "No." Actually, the seller doesn't have to get back to you at all, but your real estate agents will probably be in contact, so that you'll find out the seller's response.

But, if you do get an outright rejection, your agent may be able to find out why. This will help you craft a stronger, more appealing offer next time you find a house you're interested in.

When You're in Contract to Complete the Deal

A contract is formed only when either the seller or the buyer accepts all of the terms of the latest offer or counteroffer from the other, in writing and with a signature, within the time allowed. Because every offer or counteroffer must include a signature, that basically means that you will have both signed on to the deal when the second party accepts the offer or counteroffer. Your two signatures indicate a mutual agreement and a binding contract.

At this point, if you have a change of heart and decide to back out for a reason that isn't covered in the contract contingencies, you'll forfeit any earnest money that you deposited along with your offer. That's not to say that you have no escape hatches. If, for example, your contract included an inspection contingency, and you discover after the inspection that the house needs more repairs than you're ready to deal with or negotiate over, you can cancel the deal.

If the seller backs out for a reason not covered by the contract contingencies, you can potentially sue for breach of contract and get damages. This may not be worth your effort, however, given that you've unlikely to be awarded the one thing you really wanted, namely, the house.

More Information

For a detailed analysis of how to negotiate the final house purchase contract and successfully navigate your way to the closing, see Nolo's Essential Guide to Buying Your First Home, by Ilona Bray, Alayna Schroeder, and Marcia Stewart.

http://www.nolo.com/legal-encyclopedia/offer-to-house-purchase-contract-36141.html

More about this Topics

  • Your Home in Chapter 13 Bankruptcy

  • Canceled Mortgage Debt: What Happens at Tax Time?

  • Home List Price: What Is a House Worth?

  • Incentives to Homebuyers Help Seal the Deal

  • Mortgage Modification and Refinancing Under the Homeowner Affordability and Stability Plan

Other Topics

    • Avoiding Foreclosure (Part 1)
    • Tips to Avoid Foreclosure (Part 2)
    • Avoiding Foreclosure (Part 2)
    • Tips to Avoid Foreclosure (Part 1)
    • Rental Application
    • Demand for Return of Security Deposit
    • Tenant's Notice of Intent to Move Out
    • Landlord-Tenant Checklist
    • Notice of Needed Repairs
    • American Bar Association
    • Contingencies to Include in Your House Purchase Contract
    • Buying an Affordable House: Top Tips
    • Buying a Foreclosed Home: Your Way Into the Real Estate Market?
    • Do I Need a Building Permit to Construct a Tiny House in My Backyard?
    • Pros And Cons Of Using a Dual Agent to Help Buy a California Home