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Jan Bigelow: 928.300.1699
Wally Reule: 928.301.5943
Closing the Deal
Imagine that all your hard work in getting your house ready to sell has paid off, and you’re getting an offer from a buyer.
What are some of the things you need to consider at this stage of selling your home?
To start, you’ll have to closely examine the offer. Offers contain the sales price, closing date, conditions (like closing costs or a home warranty), earnest money, and the inspection period.
In the current Sedona housing market, there’s a good chance that you’ll receive multiple offers. It’s important to meet with your agent so you understand all the terms of the offers, so you can determine which offer is best. Don’t be afraid to ask a lot of questions!
Here are some things to consider:
· Do you think the sales price is fair? If not, what does your agent think are the logical next steps to take in the negotiation?
· What conditions has the buyer listed? Do they put you at risk at all as the seller?
· How much earnest money is the buyer offering? Do you understand the conditions under which you would keep the earnest money?
· Ask you agent to create an “Estimated Net Proceeds” form so you can understand all the selling costs. The estimate is not final, but it can be very close. The escrow company will pro-rate taxes, etc., which can change by the day.
Once you review the offer, you can either accept it, make a counter-offer (with different conditions and price), or walk away.
Then, there’s the inspection period, which starts as soon as both sides have agreed to the terms of the offer. During this time, the buyer can arrange inspections and negotiate repairs. Buyers can also walk away from the deal during this time without sacrificing their earnest money.
If repairs are required as a result of inspections, you can respond accept the requested repairs, negotiate them, or decline the request, knowing the buyer can walk away. Once the repairs are finished, the buyer will be responsible to inspect them to see if they have been completed as requested.
Stay tuned for Part 2: Negotiations and Mortgage/Title!