Been showing off your home to prospective buyers? Hosted an Open House or two?
Now you should begin to receive offer(s).
Depending on the market you may receive one or multiple offers at a time. When you receive an offer, there are key terms/areas to the contract that you’ll need to understand to determine what negotiations are needed, if any. Here’s a quick synopsis:
Purchase Price Amount - Compare to listing price and interest in the property.
Deposit Amount - In some cases, this shows the buyers’ level of commitment to the sale.
Settlement Date - This is a suggested date. It may change based on the contract-to-close process but at least provides you with a general idea of when the transfer of ownership will happen.
Inclusions/Exclusions - Should reflect your listing terms but may include some additional requests so be sure to review.
Purchase Type - Cash? Mortgage? Terms of the Mortgage? Type of Mortgage? Date of Commitment - These are important as it’ll determine any possible complications that the sale may have.
Inspections - Waived? Selected? Mix of both? Timeline for when they need to be completed & negotiate terms?
Appraisal or Other Addendums - Check the summary notes at the end of the contract and any additional pages to review any other outlined terms.
What a lot of sellers don’t know is that you can submit a counteroffer if there are terms you wish to change based on the offer you’ve received. You’ll want to be sure to that you don’t go too far though as to not insult the buyers. This takes some tack, understanding of the market, and significant negotiation skills. This is one of the many instances where handling a sale on your own without a Real Estate Professional can be very challenging!
There are also times, especially in a seller’s market like we’re experiencing now, where there will be multiple offers submitted. At this point, you’ll want to do a comparison of all the offers, make a list of the best parts of each and then negotiate with the top offers to ensure you get the best possible deal.
There’s so much to consider when reviewing and negotiating an offer to purchase your home. DON’T GO THROUGH THIS PROCESS ALONE! This is one of the many areas our team can assist and support you with. So talk to us today about getting your home sold.
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