When the Purchase and Sale offer comes in – sit down and review it with your Listing Agent.
It’s not always about price. Terms of a Buyers Loan. The Inspections the buyer asks for. How long before closing ? Do the buyers need to sell their home first ? Are they asking you the seller to contribute money toward closing costs. These are just some of the moving parts of an offer that should be considered before accepting or presenting a counter offer.
Your Listing Agent will review the parts of the offer and advise you of what possible outcomes might occur if you modify parts of the buyers offer. Your Listing Agent can also suggest possible price negotiation strategies and offer a little insight to the psychology of a buyers offer. If there are multiple offers – your Listing Agent can help you sort through the differences in the offers. The buyers loan types, what obstacles might occur during inspections and negotiations, price and other conditions all come into play when considering either accepting or making a counter offer and you should also be prepared for possible multiple rounds of counter offers before reaching a fully executed Purchase and Sale Agreement.
Your Listing Agent should make sure the Buyers Agent is getting all loan letters submitted and inspections completed on time. Any inspections must be completed, and any resulting negotiations completed, before the deadlines expire, as specified on the Purchase and Sale Agreement or an extension agreement can also be agreed upon.
Once you are beyond the inspection period, the Appraisal should take place. The majority of times Appraisals go very smoothly and the buyer moves on into the Underwriting phase. But sometimes issues do occur such as Appraiser recommended repairs due to Loan Requirements or purchase value discrepancies occur which may result in further negotiations. Your Listing Agent will keep you informed and advised through this process.
As you near closing day – it’s time to get packing. Time to schedule utility shutoffs or transfers for day after closing. Hire the truck and clean up the aftermath. Homes should be left “broom clean” for the buyers final walk through. You must be fully moved by closing time on closing day.
Your Lender, the Buyers Title Company or your Listing Agent will review the Closing Settlement Statement with you, usually sometime within the 24 hours prior to closing which accounts for all monies being disbursed.
Once the deed is signed and transferred and the keys are exchanged – the buyer takes possession and you’re on to the next stage in your life.
David Karl Roberts/Associate Broker
The Maine Real Estate Network
207-741-2006 or email me at firstname.lastname@example.org