Real estate transactions involve the following offers:
Firm Offers: These are the type of offers that every seller would be thrilled to get. Essentially a firm offer is one where the buyer is legally obligated to buy your home without any conditions. This means that upon closing day the buyer will get the title of ownership without the possibility of any future issues where lawyers may be needed. Upon this offer you may get additional offers that may give you even more money for your home, but they will typically involve conditions. Sellers who are dealing with a tight time line should choose a firm offer, as this indicates that the buyer is 100% serious in purchasing your home and you can safely take your home off the market and continue with your other plans.
Conditional Offers: With these type of offers, even though the buyer has submitted a deposit their offer is dependent on whether certain conditions will be met before a specific due date. For example a buyer may require a satisfactory inspection within 5 business days, if within this time you do not obtain a satisfactory inspection they can back out of the deal with a Mutual Release.
Once you have reviewed the offers, you have three options; you can accept the offer, reject the offer, or offer a counter-offer. Counter offers are usually made in reference to the price, the closing date, or other variables such as redefining certain conditions. It is best to speak with your agent about which strategy will be best for you. Sometimes it is best to walk away. Also in the case of multiple offers, it is best to consult with your agent as multiple offer situations also called bidding wars will require a lot more time and can become really stressful.