All Contract Terms Are Negotiable Until Final Signatures

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Until the last signature, all terms are negotiableAll Contract Terms Are Negotiable Until Final Signatures

For the most part, there are only a few key items that Warren County home buyers and sellers tend to worry about when negotiating a home:

Price, price, price being the first few!

Closing date and occupancy dates can be another.

And personal property conveying is also another component of the deal that can cause some conflict.

Rarely does a purchase offer come back just signed as ACCEPTED.  Most likely, there will be a counter from the sellers changing a few items.  And MOST likely the buyers response will only involve changes to the changed items.  The items that were accepted don't get touched.

But here's the scoop:  EVERYTHING in the contract is subject to change until the final set of initials and signatures on the contract.  If one item in a contract becomes a deal breaker (e.g. occupancy date), is there another term in the contract that can be changed to compensate?

Sellers with a vacant home wanting to close faster, but the buyer can't?  Propose a higher price to cover your carrying costs.

Buyer wants a radon mitigation system that the seller won't provide?  Maybe a $1,000 adjustment in price will even things out.

And you may think, but we already AGREED on price, so we can't change it!  But yes you can.  It's offer, counteroffer, counter to the counter to the counter.....until we get to agreement.  ALL terms are on the table until we arrive at a mutual agreement, or determine that we can't get to agreement and negotiations are over.

So don't let one term kill a contract if there's something else that can be done to get to mutual agreement.  At least try, you'll be no worse for the effort and we just may be able to get an accepted contract with the new terms.

Serving Warren County's home buyers and sellers,

Liz and Bill aka BLiz

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

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Ambassador
2,691,382
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Tom, I think we could have had an accepted deal yesterday if I could have just gotten the listing agent and her sellers to understand that because we were hung up on closing date didn't mean the deal had to die.  Propose something else that works for you.  Not happy with the price?  Give us a new one to compensate.

Cindy, We haven't experienced appraisal problems around here yet, but home inspection issues often lead to deals falling through or to a renegotiation of price to compensate for repairs that won't be done.

Apr 03, 2014 11:36 PM #6
Rainmaker
60,400
Stacey Williams
Alpharetta, GA
Experienced Metro Atlanta Real Estate Agent

Bliz, This is a great reminder. It can all change UNTIL we have all signatures in place.

Apr 03, 2014 11:36 PM #7
Ambassador
2,691,382
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Stacey, All cards are on the table and playable until that point.

Apr 03, 2014 11:54 PM #8
Rainmaker
1,303,033
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi Bill and Liz,

Great advice for ANY buyer or seller.  Common sense will usually win out in the end.

Apr 04, 2014 12:20 AM #9
Ambassador
2,691,382
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Wayne & Jean Marie, We hope for common sense, but sometimes it leaves the building despite our best efforts :)

Apr 04, 2014 01:23 AM #10
Rainmaker
350,491
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

This is great advice, Bliz.  There are many moving parts in any contract negotiation and good negotiators know to not widdle it down to one particular item.  I actually thought that the article was going to be about the "boiler plate" pieces of the contract.  I liked your topic much better!

Apr 04, 2014 01:40 AM #11
Rainmaker
978,522
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Good point.  And during repair negotations is NOT the time to counter on price.  I've seen this one before and it's frustrating for a seller.  Great post!

Apr 04, 2014 03:04 AM #12
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Eric, Definitely a few areas we can make adjustments to and hopefully get to a mutual agreement.

Jan, Not uncommon here to sellers to offer a discount on price rather than fix the request items from inspections.  But the norm is for the buyers to provide the list of requested repairs, not ask for money off.

Apr 04, 2014 03:19 AM #13
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

The bottom line is; nothing is final until the ink drys at closing. The other side can say no however the risk of you walking away is always a factor many fear...

It only seems like Friday!

Regards

Paul..

Apr 04, 2014 03:33 AM #14
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Paul, There's always that risk, any change, no how minor, is still a change and offers the other side the opportunity to say no.

Apr 04, 2014 03:45 AM #15
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Bliz counter offers are common. What good negotiator doesn't know how to successfully keep the offer on the table rather than taking their ball and going home!  What can get in the way is IF the counters go on and on (5 or 6 or more) one of the parties may just say - I'm done.  Also here in AZ our Home Inspection Request Addendum does not provide a price reducation in lieu of repairs - although this is done on occassion thru another simple addendum.

Apr 04, 2014 04:00 AM #16
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

AB, Our inspection repair addendum is more generic, so we can go a different route without too much trouble.  But definitely, don't understand to take the ball and go home approach if a deal COULD have been reached.  Check the egos at the door.

Apr 04, 2014 04:14 AM #17
Rainmaker
2,255,686
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Great advice, especially for prospective buyer and can certainly apply to sellers as well. The key to all negotiations is the art and talent of the agents.

Make it a great weekend!

Apr 04, 2014 04:54 AM #18
Ambassador
2,691,382
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Joe, The agents do make a difference.  Our ability to think out of the box and keep the emotions minimized is key to getting two parties together who both want the same thing, the only dispute is the conditions for the transfer.

Apr 04, 2014 05:31 AM #19
Rainmaker
2,302,489
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

BLiz: Exhaust all avenues to help clients buy or sell...we should all be doing that. Until all signatures are in-place, everything is negotiable!

Apr 04, 2014 06:57 AM #20
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Anita, We give it our best as long as the other side is willing to keep talking.

Apr 04, 2014 12:54 PM #21
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Chris Alston
Chris Alston (Keller Williams Realty, Silicon Valley, California) - Campbell, CA
Silicon Valley, California

Hey ol' friend. :)

Seems so many agents out there have no idea that this is the truth...  

-Chris

Apr 07, 2014 07:18 AM #22
Ambassador
2,691,382
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Chris, Another thing that apparently agents don't all get taught in real estate school!

Apr 07, 2014 08:09 AM #23
Rainmaker
642,556
Dawn A Fabiszak
Private Label Realty ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Bliz ~ I agree with you.  A transaction can have negotiations throughout and up until the finial closing paperwork is signed at the closing table.  It doesn't happen often, but it can happen.

Apr 07, 2014 04:25 PM #24
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Dawn, We've occasionally had things pop up at the walkthrough that had to be resolved at the last minute.  All part of finalizing the deal.

Apr 07, 2014 07:51 PM #25
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