Reviewing an Offer

When a buyer presents a written offer to purchase your home, your real estate agent will meet with you to review all the details. Although price is a key element, it's important to review all the terms and conditions to see how attractive the offer really is.

1. Is there enough earnest money?
2. What is your recourse if the buyers default?
3. Are the buyers pre-qualified or pre-approved? Do they have good credit? Ask for a lender's written verification.
4. Is the proposed interest rate slightly above the current rate? Will the buyers agree to lock-in their interest rate now? If not, ask them to accept the best rate and terms their lender has available at the time of closing. These tips may keep a rising interest rate from voiding the contract.
5. Are the buyers asking you to pay discount points or any of their closing costs?
6. Are they asking you to make expensive repairs or leave major appliances behind?
7. Is the possession date acceptable? If not, you may be able move a day or two after closing or even rent the property for up to 60 days after closing.

Your real estate professional will help you evaluate your offer, give you an estimate of your net proceeds, and write a counterproposal if the price or any terms are unacceptable. In most cases, a real estate professional can negotiate a mediocre offer into a strong contract.

Negotiations are my specialty. If I can be of service to you, please call me.