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