| When selling your home, it's likely that your | | | | If you're not comfortable with the extended time |
| primary focus is receiving the highest price | | | | frame, you can request that the buyer provide |
| possible for your property. And while this is | | | | you with proof of loan application and/or a letter |
| certainly an important factor, there are other | | | | of loan qualification by a certain date. A well-priced |
| details that must be considered when you receive | | | | offer can also seem less appealing if the seller |
| an official offer on your home in the form of a | | | | offers a low earnest money deposit or asks you |
| Real Estate Purchase Contract (REPC). Negotiating | | | | to pay the closing costs. Feel free to counter any |
| this wordy and legally binding document can seem | | | | elements of the offer that don't sit well with you. |
| daunting, but understanding the information | | | | And, don't forget to take note of your |
| contained in the REPC will save you time, money | | | | requirements in the offer. Some buyers will include |
| and heartache during the process of selling your | | | | a clause that penalizes sellers who don't move |
| home. | | | | from the property by a specific date. Be |
| The Real Estate Purchase Contract, also known | | | | confident that you can vacate your home by the |
| as a Purchase and Sale Agreement, or a Real | | | | date requested before accepting the offer. On |
| Estate Contract, is an agreement between a | | | | the other hand, you may want the closing |
| buyer and a seller to purchase real estate. Your | | | | process to move swiftly. Even if the offered |
| first encounter with a particular purchase contract | | | | price is less than you wanted, a buyer who can |
| will be in the form of an offer from a potential | | | | close and take possession quickly can |
| buyer. After reviewing the offer, you have three | | | | counterbalance the lower price. |
| options: to accept the terms of the offer, thus | | | | It is generally accepted that all attached fixtures |
| entering into a contract; to change the terms of | | | | and appliances will be sold with your home, but |
| the offer in a counter-offer; or to reject the | | | | the buyer must list these carefully in the offer to |
| offer wholesale. | | | | purchase. Such appliances and fixtures can include |
| After considering the price offered by the buyer, | | | | ovens and dishwashers, window treatments, light |
| savvy sellers will then determine if the Real | | | | fixtures, fireplace mantels and even landscaping |
| Estate Purchase Agreement contains any | | | | features like trees and flowers. Additionally, |
| contingencies. One common possibility is that the | | | | buyers can request the inclusion of certain |
| offer to purchase your property is contingent on | | | | furnishings and personal property. If you have |
| the sale of the buyer's home. If the buyers' | | | | items that you do not wish to include when selling |
| property sells, the sale goes through. But, if it | | | | your home-whether the washer/dryer, an |
| does not, the sale is off and the buyers' deposit is | | | | heirloom rosebush, or all your furniture-it's a good |
| usually returned. There are ways to structure a | | | | idea to let your real estate agent know from the |
| contingent sale offer to make it less risky for | | | | get-go, so he or she can help mitigate the |
| sellers. One way is to include a release clause in | | | | expectations of buyers. |
| the contract, which allows sellers to continue | | | | The bottom line? It pays to spend 20 minutes |
| marketing their home in the hopes of finding a | | | | reviewing a blank real estate purchase contract as |
| better offer. If such an offer comes along, the | | | | soon as you put your house on the market. That |
| sellers notify the buyers that they must remove | | | | way, when you receive an offer, you'll be ready |
| the contingency by a certain date and show that | | | | to break it down into its specifics, and respond |
| they are able to close. Otherwise, they must | | | | confidently. |
| withdraw from the contract. The sellers are then | | | | The staff at Coldwell Banker Real Estate |
| free to proceed with the other offer. | | | | Corporation writes select articles about important |
| Another red flag to watch for is a request by the | | | | topics related to real estate. For more information |
| buyer for excessive time to secure financing. This | | | | about buying a home or selling your current |
| is a reality for many first-time home buyers or | | | | property, visit today. |
| even veteran buyers whose credit is spread thin. | | | | |