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472 Do not allow your
real estate agent to arbitrarily waive any contingencies for
financing or appraisal in your purchase contract.
-In a hot market, it will be tempting to waive contingencies for
financing or appraisal in order to make your offer more
attractive.
-If you waive the contigency for either obtainig financing or
having an appraisal and are not able to go through with the
transaction, you could be subject to a lawsuit.
727 Require all offers on your home to
be in writing.
734 Remember price is
one of many terms of a successful offer. -Investigate what
percentage of list price, homes have sold for in your market in
the last six months.
-A full rpice offer from a buyer who can't provide a mortgage
committment is a weak buyer.
-Be flexible in trading price for terms, or terms for price.
-Some buyers will pay more for a closing date that meets their
needs.
-Always respond to low-ball offers with a counteroffer, buyers
might be testing you out on their first price offer.
855 Establish what is
customary in your market: will you be receiving an "offer
to purchase" or a "real estate contract" on your
property?
-Offer: a proposal to orginate a contract.
-Contract: parties agree to do or not to do defined legal acts
and consideration is exchanged.
857 do not propose
terms if you can't live with them; be aware of what you say and
when you say it.
862 Consider your
options if you receive multiple offers at one time for your
home.
-Compare the strengths and weaknesses of all offers on a
worksheet provided by you real estate agent.
-You can negotiate each offer seperately or respond to all with
a request for their "highest and best offer."
864 Have an attorney
review all contracts on the sale or purchase of a home, before
you sign them.
865 Take special note
of the earnest money being offered with the contract.
-A strong price and weak earnest money, down payment, or credit
could indicate a lower probability of buyer's ability to close
the transaction.
-Earnest money shows the buyer's willingness to perform a
contract and go to closing.
-It is common in some markets for the earnest money to be
delivered in two steps. First an amount is delivered with
accepted contract or offer and a second amount is delivered
after inspection and attorney periods have expired or issues
resolved to both parties satisfaction.
867 Do your buyers
have a home to sell? Is it already on market? Buyers needing
equity from their current home to purchase yours is typical.
Look for their property to be listed, priced correctly, and
typical in style, condition, and features for market.
869 Pay special
attention to any requested contingencies in the contract. -The
longer a contingency period, the higher the probability of the
buyer exercising its use.
-Request business days for contingencies. Business days are
Monday through Friday excluding holidays.
-Attorney and inspection contingencies should run at the same
time and for no more than seven business days.
Mark Nash is a
nationally recognized consumer advocate for buyers and sellers
of residential real estate. Author of four books including the
recently released "1001 Tips for Buying and Selling a
Home" Thomson 2005. Mr. Nash has been featured in The New
York Times,USA Today, Fidelity Investor's Weekly, CBS The Early
Show, Bloomberg TV, Dow Jones Market Watch, MSNBC.com Unique
Homes Magazine and The Universal Press Syndicate. His radio show
"Real Estate Coast to Coast with Mark Nash" http://www.business.voiceamerica.com
on Wednesdays 9AM PST,11AM CST and 12 Noon EST. The show is
looking for interesting guests including; real estate
journalists, interior designers, home improvement experts, real
estate attorney's, appraisers, home inspectors and celebrity's.
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