Once an offer is submitted, it's time to begin negotiating the terms of the offer! The clock is officially ticking...

There are many factors when you are considering whether or not to accept an offer. You'll want to look not only at the price of the offer, but also the terms of the offer. Many times, negotiations will go back and forth for days until price and terms are acceptable to both the buyer and the seller and sometimes the highest offer doesn't necessarily win!

Negotiating the Terms Of the Contract. Most people submit an offer below the asking price to "engage" in some form of negotiation. This is only one of the elements of the offer for purchase and sale. Our role as your agents, is to sift through all of the terms and conditions to structure the best contract that meets your needs. Things to consider in your offer are:

• Terms of Inspection - How long and what you are liable to pay for
• "As-Is" Contract vs. Standard Contract
• Financing Contingencies - Pre-approvals and terms of the financing
• Title considerations - Who will be doing the title policy
• Earnest money deposit - amount and time frame
• Closing date

Fiduciary Duties of Your Realtor® - As a Realtor®, we are required to deal objectively, ethically and fairly and to negotiate in good faith on your behalf. We will work with you throughout the term of the contract terms that are beneficial to you and fair to the other party. Keep in mind that often times when selling your house, there are issues that will be negotiated right up to the closing date. An experienced agent knows how to handle situations including multiple offers and multiple counter offers prior to your going into contract with one buyer, or “ratifying” their offer.

The Deposit. This is the legal consideration that binds the contract. We will work with you as your real estate agents to make sure that the deposit is strong and also that it is turned into the escrow agent in a timely manner.

Keep Everything In Writing. It is not recommended to counter back and forth verbally as often times key points of negotiation are forgotten when the contract is finally typed up and submitted. Do not accept a verbal offer and counter only in writing so that everything is clear at all times. We will draft any addendums to the contract that need to be written and submitted.

Don't Drop The Ball. Real estate contracts have a number of deadlines on both the side of the seller and the buyer. It is important to deliver necessary items on these dates so that you are not in breach of contract and so that everyone can make it to the closing quickly and with minimal stress. Upon execution of a contract, we will provide you with an Important Dates Memo so that you have all the critical dates of the contract handy and always know what the next step in the process is.

Communication. The key to a successful transaction is constant communication. You should expect an update as to the status of the process at a minimum of once/week, perhaps more frequently as the closing date nears. This helps reduce the last minute surprises that can pop up.

*We are not attorneys and recommend that you seek professional legal advice if necessary.

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