Fantastic news, we have an offer on your home!
And of course one of the first things you want to know is the offer price, right?
And that number is a VERY important number, but it's not always what it seems to be.
Scattered throughout the offer our opportunities for the buyer to ask for things that subtract from that number.
Closing cost assistance to the tune of thousands of dollars.
A one year home warranty paid by you.
The termite inspection for a VA loan buyer.
Personal property you didn't PLAN to leave (the refrigerator, the washer, the dryer, and maybe even that fancy zero turn mower for the yard).
Now of course everything is negotiable, so you can push back and counter the individual items or just ask for a higher purchase price to compensate. After all, assuming there isn't much appraisal risk, your main concern is your NET price rather than the sales price.
A $195,000 offer with no concessions is a better net offer than a $200,000 offer asking for 3% in closing costs, a home warranty, title insurance and that fancy new refrigerator that you paid $3000 for last year.
And there are other terms in the contract that may ultimately take away from your purchase price.
What will the home inspector find and how much will it cost you to resolve any issues?
Is there a situation where you may need to move TWICE instead of once because your next home isn't ready?
Will an FHA or VA appraiser find an issue that must be addressed prior to closing?
All of these things can impact your net price, and things to keep in mind as the negotiation progresses. We're here to guide you through the process and provide the numbers you need.
Want to discuss further? Just call Bill at 513-520-5305 or email Liz@LizSpear.com.
Serving Greater Cincinnati home buyers and sellers,
Bill & Liz aka BLiz