Reviewing and accepting an offer

When an offer arrives, the price is the first thing every seller looks at. It should be the third. What matters first is whether the buyer can actually close, and second, what conditions they are attaching to the deal. A cash offer ten thousand dollars below a financed offer with a weak pre-approval and a home sale contingency is very often the stronger offer. We give you a net sheet and a side-by-side on every offer so you are comparing the whole picture, not just the top line.

How offers work in Connecticut

In most of Connecticut, a buyer's agent submits a written offer, often on a standard form, along with a pre-approval letter or proof of funds and sometimes a personal letter. Once you and the buyer agree on terms, the deal goes to the attorneys. Connecticut is an attorney state, and your attorney will prepare or review the purchase contract, which both sides sign along with the buyer's deposit. Until that contract is fully signed, either side can still walk away, so we move quickly from accepted offer to signed contract.

What to look at in every offer

Beyond price, these are the terms that decide how likely the deal is to close and how much you actually net:

• Financing. Cash, conventional, FHA, VA, or USDA, and the strength of the pre-approval. Some loan types carry appraisal and property condition requirements that affect you.
• Deposit. A larger earnest money deposit signals a committed buyer and gives you more protection if they default.
• Contingencies. Inspection, mortgage, appraisal, and sale of the buyer's current home. Each one is a door the buyer can exit through.
• Dates. The inspection deadline, the mortgage commitment date, and the closing date. Do they fit your timeline and your next move?
• Seller concessions. A request that you pay part of the buyer's closing costs comes straight off your net, whatever the headline price says.
• Inclusions and exclusions. Appliances, window treatments, the generator, the shed. Be specific now to avoid a fight later.
• Occupancy. Do you need to stay a few days after closing? A short use and occupancy agreement can be negotiated up front.

Multiple offers

When a well-priced Connecticut home draws several offers, you have options. You can accept the best one, counter one, or ask everyone for their highest and best by a deadline. We lay each offer out on one page so you can weigh price against certainty. Escalation clauses, appraisal gap coverage, and waived contingencies all have real value and real risk, and we walk you through what each one means before you decide.

One rule: we treat every buyer fairly and follow the same process for all of them. It protects you, and it produces better offers.

Negotiating

Almost every offer is a starting point. You can accept, reject, or counter on any term, not just price. A counter that keeps the price but shortens the inspection window, removes a home sale contingency, or moves the closing date can be worth more to you than a few thousand dollars. We advise you on where the buyer likely has room and where they do not, and we handle the back and forth so it stays professional. Buyers get emotional. Sellers get emotional. Your agent should not.

Contingencies, in plain terms

Inspection contingency. The buyer has a set number of days, typically one to two weeks, to inspect the home and either proceed, request repairs or a credit, or walk away. The next guide covers how to handle what comes back.

Mortgage contingency. The buyer must obtain a written loan commitment by a set date. If they cannot, they can cancel and recover their deposit. A strong pre-approval from a local lender reduces this risk.

Appraisal. If the lender's appraisal comes in under the contract price, the buyer may ask you to lower the price, make up the difference, or split it. In a competitive offer, some buyers agree in advance to cover a gap.

Home sale contingency. The buyer needs to sell their current home first. In Connecticut this is often written as a Hubbard clause, which lets you keep marketing the house and gives the buyer a short window to drop the contingency if another offer comes in. It is workable, but it is the weakest kind of offer.

Going under contract

Once you accept, we send the agreed terms to both attorneys. Your attorney drafts or reviews the contract, the buyer signs and delivers the deposit, you sign, and the house is officially under contract. From there the clock starts on inspections, the appraisal, and the mortgage commitment, and we manage every date so nothing slips. The listing status changes to pending, and we keep a list of backup buyers in case the first deal falls through.