You’ve completed the work of getting your home ready. You staged your home, cleaned, and got listing photos. Now that your home is live on the market, you are ready for open houses and private showings.
As showings get underway, you will no doubt be anticipating offers. Receiving your first offer can be exciting, but you don’t have to accept something that doesn’t fit with your terms. As you go through the process of negotiation with your listing agent, review the entire offer – not just the sale price.
Consider these things before accepting a Buyer’s Purchase Agreement:
- Sale price. Once you receive an offer, you can either accept, put in a counter offer, or reject. Your agent will represent you during negotiations.
- Home Inspection Conditions. Home inspections happen with most real estate transactions. Review the terms of the home inspection before signing.
- Closing Conditions. Does the buyer have to sell their current home before closing? Or do they want to close in one week? Closing conditions can vary, so read this section carefully.
- Buyer’s FInancing. A cash offer, even if it is below asking price, eliminates contingencies from the mortgage lender. If the buyer is financing, review with your agent what contingencies are in place based on the type of loan they are using.
- Sale Specifics. Make sure everything you intend to sell with the house is explicitly stated in the contract, including items like window treatments and appliances.
Once negotiations are complete, the Purchase Agreement is signed by both the buyer and seller, and your home is under contract. This is a contract that outlines the price and terms for the sale of the house. If you have questions or are unsure about something, ask your real estate agent. Take the time to go through this upfront, so you aren’t faced with surprises on closing day.