For seller: when does the negotiating stop?
That’s a question every seller should ask.
With most residential contracts in this area, there are at least three potential opportunities for negotiations with the buyer.
The first one is the negotiation of the purchase and sale agreement. It outlines things like the price to be paid, how it will be paid, what is included in the purchase, the closing date and any contingencies.
Contingencies would include things like inspections, financing, appraisal and the sale of a home.
And it’s these contingencies that create the other potential negotiating points.
The second one is the inspection contingency. The buyer typically has a specific number of days in which to complete any inspection they deem important and report their findings back to the seller.
The buyer can decide to accept the property as-is, ask the seller for concessions, or walk away if they are not satisfied. Most buyers ask for concessions, so it’s best to be prepared. After the buyer notifies the seller, there is a resolution period for the seller and buyer to have a meeting of the minds.
And if there is no agreement, the contract dies when the resolution period expires.
The third one is the appraisal contingency. If the home value appraises with no repairs required, then you are getting close to the closing table. If the value does not appraise or the lender requires repairs, the seller and the buyer have to negotiate again.
While these are the most common, there are other times when it’s necessary to reach an agreement with the other party.
Because of these opportunities, it’s important to have a reasonable and trustworthy people on the other side of the table.
And it’s my job to provide you the insight about the other side, so you can make the best decision.
Soon we will talk about the best way to take the emotions out of these decisions and make them easier.
The Daily Deal in Nashville is a nice 3 Bedroom Brick Ranch in Caldwell Hall [South Nashville] for less than $280,000.
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