Negotiating an Offer
When you have received an offer, your Executive Group agent will be able to assist you in understanding all of the nuances of the Purchase Agreement. Your agent is prepared to educate you on the terms of the contract including submission of earnest money, method of payment, inspections, pro-ration of taxes, and contingencies.
The significance of your selection of an experienced agent will become apparent during this stage. Their experience and training will give you great comfort as they lead through this contract and help you understand your options.
Understanding Your Options
The seller has a number of options upon receiving the Purchase Agreement. They may accept it as written, reject it outright, or counter it. Until an offer is accepted in writing by both parties, it can be revoked.
If the seller changes the terms and responds with a counter-offer, he has in effect rejected the first offer and created a new offer. The buyer may accept or reject this counter-offer. The buyer may also counter this offer with additional changes. This process may continue until one of the parties walks away or both parties agree to the final terms.
Negotiating the Inspection Response
Negotiations may continue after the Purchase Agreement has been signed, as most buyers request an inspection. A full home inspection may include examination of the following areas: structure, heating and cooling systems, roof, electrical systems, pumbling and fixtures, attic, basement and /or crawl space, foundation, gutters, insulation, interior and exterior walls, porches and decks, and grading of ground surrounding the home. Additional inspection services that may be contracted include: radon, mold, well and septic.
Although the Purchase Agreement defines what constitutes a "major defect", the buyer has options on how to respond to the findings in the inspection report. It is here where the significance of having an experienced real estate advisor on your side comes into play. Allow our experience to guide you through this process to reach your intended goal.