Got an offer?
Here’s What’s Next
Congratulations — you’ve just received an offer on your property! That’s a huge milestone, and we’re here to walk you through what comes next. The first thing you’ll look at is the price and your estimated net proceeds — us too. But there are many other important terms, and let’s review them together. All of the contract terms are negotiable, and we’ll review the current standards of practice in today’s market.
As you watch the video above, it may help to have your own Purchase Agreement in front of you so you can see exactly where each item appears.
The Date of Acceptance (DOA)
Day One.
Every contract deadline starts here.
You’ll hear us mention “Date of Acceptance” often. This is the moment you and the buyer sign off, and you are officially under contract. Every deadline in the PA counts forward from this date, so it becomes the anchor for everything else.
Good-faith deposit
Earnest money is the buyer’s good-faith deposit. Title holds it in trust, and it’s applied toward the purchase price at closing. If the contract terminates under a contingency, the buyer is refunded. If the buyer cancels outside of a contingency, the deposit is typically forfeited. In most cases, earnest money is 1% of the purchase price, and it must be delivered within 2–5 days of the DOA.
Earnest money
Usually 1% within a few days of acceptance.
Inclusions & Exclusions
personal property is in the contract
Double check for accuracy.
By now, you know exactly what you intend to convey with the sale. The PA must reflect that clearly. There are two places to review. First, the section inside the PA that references inclusions and exclusions. Second, the exhibit attached at the end of the PA shows your original list. Please make sure nothing has changed.
Both need to match, so there are no surprises later.
Buyer Broker (BB) Compensation
When we listed your home, we already set a strategy for Buyer Broker (BB) compensation. At this stage, it’s a matter of confirming that the PA aligns with what we planned.
Cash vs. Loan
Cash offers are simple and straightforward. Loan offers include more contingencies, which means more moving parts.
In either case, documentation matters. For cash, that’s proof of funds. For loans, that’s a pre-qualification letter. We prefer to see this submitted with the offer, but it often arrives within 2–3 days of the DOA.
qualify the buyer
Proof of funds or pre-qual letter should come quickly after acceptance.
Closing Date
closing date
Set yourself up for success.
A cash deal typically closes in about 30 days, while a loan usually takes closer to 45 days. Sometimes buyers shorten the timeline in an attempt to appeal to you, but if it’s an unrealistic timeline, let’s reassess. Last-minute extension can create stress and uncertainty. Remember that you’ll need time before closing to sign with a mobile notary if you’re not in town, and to prepare your home for closing.
Costs to Be Paid
This section spells out who pays which closing costs. Each Northern New Mexico market has its own standards of practice. If the PA terms fall outside the norm, it alters what we had planned. That’s why we check carefully.
costs
Let’s ensure you understand you costs.
Insurance
Insurance is more critical than ever. Buyers must secure a homeowner’s policy at a “reasonable and customary” price. If they can’t, this contingency allows them to cancel.
Here’s what’s typical:
- Application submitted within 7 days of DOA.
- Confirmation of insurability and cost within 14 days of DOA.
Inspections
Inspections
Most renegotiations happen here. Be prepared for repairs or credits.
Inspections are where we see the most negotiations — and sometimes cancellations. The buyer’s objection deadline usually falls 10–14 days after the DOA, depending on inspector availability. If they object, they’ll either request repairs or ask for a credit.
If you agree to repairs, the cure deadline is usually about 4 days before closing. Immediately after that, the buyer conducts a pre-closing walkthrough to confirm the home’s condition and verify that all necessary repairs are complete, as well as that the included items are still on the property. This is the best time to have the house cleaned and exclusions removed.
If your home has a septic system, a separate state-mandated inspection applies. Sellers typically pay for this, so we like to schedule septic deadlines after the home inspection. If we haven’t already, let’s discuss the likelihood of your septic passing this inspection.
Expiration Date
Every offer has an expiration date. That’s the cutoff for you to respond — whether you accept, counter, or reject. If no action is taken in writing by that time, the offer expires.
Wrapping Up
There’s a lot to review in a Purchase Agreement. Our job is to guide you through it, explain what’s standard for the current market conditions, and strategize for our best negotiations. You don’t have to figure this out alone — that’s why we’re here.
Watch the video above for the complete conversation.
If you found this post helpful, please like, comment, or share it with someone who could use a little clarity about the Angel Fire & Taos market. Our mission is simple: help every client make informed decisions, every step of the way.
