I can't give you any better or more comprehensive advice than Mr. Paul Bocka has given you!

You're home is not listed? What was the situation in which an offer was made? (This could be a scam?)

Also, are you thoroughly familiar with the market conditions in your area? Have you done a Comparative Market Analasys of your property? (You could get short-changed if not.) Have you calculated a Seller's Net Sheet based on the terms and conditions of the offer? Do you know how to handle earnest money/deposit. Are you familiar with Seller & Lead-Based Paint Disclosures? Have you had your home properly inspected? Do you have a Real Esate Attorney working with you? Are you familiar with working with title companies?

Can you provide a broader range of details of your situation? Otherwise, I would highly reccommend touching base with a local real estate professional (attorney or REALTOR) in person. Many will provide an introductory consultation for free.

Your best course of action is to get a realtor. They can advise you throughout the entire process. There is a lot more to holding a deal together than price. A lot of homework needs to be done now that you have an interested buyer. In this market an offer is so precious you'll want to be sure it is genuine and that the buyer can actually go through with the transaction as well as all the things you need to do to protect yourself from litigation. If you don't get a realtor get an attorney. Protect yourself.

Get a REALTOR! That's what we are trained in.

Hello John
You should consult with a real estate attorney if you choose to venture into a real estate transaction without the professional services of a Realtor.
Good Luck with your sale.

First, you must be sure you have presented the buyer with all the legal disclosures. Lead paint and property condition disclosures come to mind. Is the offer on a legal format? Is an engineer's, radon, chimney or pest inspection required? How did you arrive at a fair price for your home? Is your buyer pre-approved for a mortgage? If you are sure you have a great deal, you should consult a real estate attorney immediately. If not, you should consult a real estate professional immediately. Offers are precious things these days and it would be be a shame to lose a good one. George Dounce, Century 21 Red coach Realty, 721-7653.

John,
We as Realtors can't give you legal advice. Wording in a legal contract is advice. WE use forms that have been vetted by our local associations.
Did you get a legal contract then you need an attorney or agent. If someone wrote the offer on a napkin then resond in plain language but get an attorney or an agent ASAP. Especially if you feel the other side knows more than you do.

It would be wise to pay a small (depending on your area) lawyer fee in order to get a quick set of eyes, and the legal aspects of your transaction covered. While there are forms available (internet, office supply stores sometimes), doing this without the use of a lawyer on either side might contain errors that end up being a problem. Selling without can be accomplished, but if you are asking this question, you need the help. Best to you.

John... first be aware that all real estate transactions have to be in writing. So, if you got an offer verbally, you can most certainly respond, but the response is not binding.

If you got an offer in writing, while you are not obligated to respond, you may... orally or in writing. If you respond orally... again, it is not binding. If you respond in writing, then you have a little more culpabilty... remember though you should have an attorney review clause.

It's a little funny answering a question like this because it may appear that I am stumping for my profession, but it would not be a bad idea for you engage the services of a professional Realtor to help you get through this. You can explain to the Realtor, "Hey, I got this buyer, but I need a little assistance. Can you help me and we can work out a way to pay you that won't impede the sale?"

See if you can hire a Realtor on a fee per service basis to handle the rest of the transaction...We have years of training and experience and a license for a reason!

That's something you'll definitely want to speak to an attorney about. Agents in this area are members of the Greater Rochester Association of Realtors, and we use their contracts, which have been approved by attorneys. Since you are not using that contract, you'll want to make sure whatever you do use will protect you from liability, etc.