Juan Carlos Zapata, Global Real Estate Advisor
One Sotheby’s International Realty
Now that your home looks attractive for potential buyers, you have it priced right , and are working with a reliable full time expert in real estate, the fun part is about to start. Offers and negotiation.
Be prepared to receive multiple offers! Don’t ignore any offer. Negotiate, negotiate and negotiate by making a counter-offer. Don’t be afraid to make a full-price counteroffer if your price is very competitive. Negotiating a transaction can be the most complex part of selling a home. That’s why it’s important to have an experienced Realtor that will remain close to you in the negotiation process. Time is of the essence.
Usually, an offer includes the amount of the purchase price, the initial escrow deposit and if there is any second escrow deposit, the type of loan and the amount in case the buyer requires financing, the closing date and the contingencies such as inspection period to check the general condition of the home. It also must include any personal property specifically included or excluded.
Ask for a kickout clause or right of first refusal if the buyer’s offer is contingent on him selling a home.
The best offers usually come from serious cash buyers or those that have been pre-qualified by a lender and need to move soon. If it’s a cash buyer, ask your realtor to present to you the proof of funds and in the case of financing, tell your realtor to talk to the lender to verify how qualified and strong the borrower is to prevent any unpleasant surprises in the future.
Once ALL parties agree to ALL the terms of the offer in writing, CONGRATULATIONS!! you’ve got an executed contract! Be happy, your plans for 2019 are moving forward.