Part Seven: Negotiating:
The key to remember here is not to get wrapped up in any games. If you keep your goals in focus at all times, you will be better able to respond to offers. You will have three choices when an offer comes in. You can accept the offer, reject the offer or make a counter offer. You should know however- that technically- a counter offer is a rejected offer. The buyer has no legal tie or obligation to the contract once any minor changes are made on it. Although the price will be the main focal point of the offer, you need to review every detail closely. These details include down payment, earnest money deposit, possession date, interest rate, loan costs and inspections- what type and who pays, home warranty plan, personal property items included in the deal such as washer/dryer, refrigerator etc.
Remember - any little change of the original contract is technically a rejection- so only make changes if you are absolutely positive that you cannot or will not go along with what was offered. Contingencies for example- are things that must or must not happen in order for the transaction to be valid. These in particular must be spelled out very clearly and followed up on as to not open the door to the contract falling apart. Again- you must keep your goals clear throughout negotiations so that you keep your decisions objective- not based on emotion. It is also important to put yourself in the buyer's shoes and not see them as an enemy or rival- but rather as someone who want to purchase your home. It has been said that imitation is the highest form of compliment.
Once an offer is accepted, the escrow process begins. The escrow period is an important part of the home-selling process and one of the final steps leading to closing.
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