Mark Siwiec Featured in The New York Times: What Buyers Should Know After a Seller Accepts an Offer
An accepted offer can feel like the moment a home purchase becomes official. In New York, however, agreeing to the major terms is often one important step in a process that still includes signatures, deposits, attorney review and other contractual protections.
That distinction was recently explored by The New York Times in its Ask Real Estate column. “When a Seller Accepts an Offer, Can They Still Look for a Better Deal?” examines what can happen after a seller accepts an offer but before the transaction is fully secured.
Mark Siwiec, owner of Elysian Homes, was featured in the article to explain how offers, counteroffers and deposits are commonly handled in New York real estate transactions.
Nadia Pillon
What Does an Accepted Offer Mean in New York?
Buyers often hear that their offer has been “accepted” and understandably assume the home is officially theirs to purchase. The reality can be more nuanced.
As Mark explained to The New York Times, buyers commonly submit an offer with their signatures. The seller can then accept the offer or respond with a counteroffer, either verbally or in writing. When the parties agree to the written terms, the process moves forward toward the deposit and attorney review stages outlined in the agreement.
This matters because a seller’s verbal acceptance, a signed offer and a fully executed contract may represent different points in the transaction. Until all required steps are completed, there may still be uncertainty for both sides.
Why Timing Matters After an Offer Is Accepted
The period immediately following acceptance is not the time for a buyer to slow down. Deposits, signatures, inspections, financing documents and attorney review may all come with specific deadlines.
Mark noted in the article that an earnest money deposit is customarily due within 48 hours of written acceptance of all terms by both parties. That deposit demonstrates the buyer’s intention to move forward, but it does not eliminate the importance of understanding the agreement, its contingencies and the attorney approval provisions it contains.
The exact process can vary based on the property, the terms of the offer and the local practices involved. A buyer should stay in close contact with their real estate agent, lender and attorney so that every deadline is addressed promptly.
What Protections May Be Available to Buyers?
Real estate agreements can include contingencies that protect a buyer under specific circumstances. These may relate to attorney approval, inspections, financing, appraisal or other negotiated terms.
The New York Times article also discusses what happens to a buyer’s deposit if the seller never executes the contract. Mark explained that even after a buyer accepts a seller’s counteroffer, the buyer’s attorney may still have the ability to disapprove the agreement during the period specified in the contract.
Those protections depend on the actual language of the agreement. Buyers should have a qualified New York real estate attorney review the contract and explain the deadlines, obligations and available options. A real estate agent can help clients navigate the transaction, but legal questions about contract enforceability should be directed to an attorney.
How Can Buyers Navigate This Stage More Confidently?
Buyers cannot control every decision a seller makes, but they can take steps to reduce delays and uncertainty:
Work with an experienced local real estate agent who understands the offer process and current market conditions.
Have a real estate attorney selected before submitting an offer.
Understand when the deposit is due and how it will be handled.
Review all contingencies and deadlines with the appropriate professionals.
Respond quickly when signatures, documents or additional information are requested.
Keep financing documents current and maintain regular communication with the lender.
Preparation becomes especially important in a competitive market. A clear offer and an organized team can help a buyer move efficiently while still protecting their interests.
Bringing a Rochester Perspective to a Statewide Conversation
The question featured in The New York Times came from a buyer in Westchester County, but the underlying concern is familiar to buyers throughout New York: When does an accepted offer become a secure deal, and what happens during the time in between?
Mark’s contribution brought the perspective of a Rochester and Upstate New York brokerage to that larger conversation. It also reflects the approach we take at Elysian Homes. Clients deserve to understand not only what is happening during a transaction, but also what still needs to happen next.
Read the complete article in The New York Times.
Planning to buy or sell a home in Rochester or Western New York? Contact Elysian Homes to connect with a local real estate professional who can help you prepare for every stage of the process.
This article is provided for general informational purposes and is not legal advice. Real estate laws, contract terms and local practices can vary. Consult a qualified New York real estate attorney regarding your specific situation.