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Congratulations, Mr. & Mrs. Seller, there's an offer on your home!
Here's what you can expect when we sit down together to consider it:
The first thing we'll do before we even look at the offer is to review an updated Market Trends Analysis that's similar to the one I prepared for you when we listed your home. Second, we'll review an updated Comparative Market Analysis. These reports will provide an objective point of view on the market today to confirm that little or nothing has changed since the listing date or to identify any changes in the real estate market that may impact your perspective on this offer.
There will be many details in the 50+ pages of this offer, but there are only a few factors that have a "make it or break it" effect for most home sellers. That's why we'll look at these factors even before we consider any other contract details. I call them The Big Seven, as we discussed when we listed your home and wrote down your home selling goals.
PRICE -How does the price compare with the likely sale price we discussed at the listing appointment? Let's look at an updated Comparative Market Analysis to see if more recent sales still support that price.
SELLING CONCESSIONS - Does the buyer ask you to pay all or part of his closing costs or to make major repairs?
NET PROCEEDS - What is the bottom line, i.e., the money in your pocket after all closing costs, concessions, adjustments, and payoffs? This is probably more important than the sale price.
FINANCING - Does the buyer's choice of financing impact your net proceeds? Ask me to explain how we can address this issue.
SETTLEMENT DATE - Does the buyer's timetable match yours? Is there adequate time for inspections, appraisal, repairs (if any), packing and moving? Will your next home be available on the proposed settlement date?
INCLUSIONS/EXCLUSIONS- Is the buyer asking you to include anything that you didn't offer... the washer and dryer, for example, or the light fixture you received as a wedding present? Are you willing to give up a sale rather than buy new curtains for your next home?
CONTINGENCIES - A contingency-free contract is always the best, but there are some contingencies to be expected - Financing, for example, or a home inspection. If the offer is contingent on selling the buyer's house, are you prepared to take your home off the market for a "Maybe"?
We'll rate each of these factors with a score of 1-3 and evaluate your offer in the manner described on the screen shot above. Once a determination is made about The Big Seven, we'll review together the entire offer from start to finish. As we do, I'll take notes on a separate piece of paper about any missing or unsatisfactory disclosures or terms so we can address them in a written counter-offer.
Shall we get started?
Copyright 2006-13. Margaret Woda. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
Margaret Woda, REALTOR & Associate Broker Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 Direct: (410) 451-6245 or click on EMAIL
Real Estate and community information for home buyers and sellers, military transferees, and rookie agents in the greater Crofton area, including Bowie, Davidsonville, Fort Meade, Gambrills, Odenton, and the U.S. Naval Academy in Annapolis.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.