Ever wonder why a purchase and sale offer has so many pages?
It’s for the same reason as my cautions not to respond to a verbal offer: Because there is far more to consider than price alone.
I can send you a blank copy of a purchase and sale offer, so you can read it and become familiar with the many issues covered. When an offer arrives, you and I will go over each item line by line, and I’ll explain how each of the buyer’s entries will affect you.
Meanwhile, here’s a brief over-view of some of the important points:
Two of the most important issues are the kind of financing the buyers will use and the down payment they’re offering. These are important in determining whether you want to make your house unavailable to other buyers while this buyer goes through the financing process.
Next, we’ll look at concessions the buyer is asking you to make. They may want help with closing costs, or they may ask that a high dollar amount be available for any repairs a house inspector calls for.
Contingencies need to be carefully weighed and considered. Some buyers, hoping to sell their present home soon, make their purchase contingent upon that other sale. As your agent, I’ll check with their listing agent to see if there’s a closing date scheduled, or simply a hope that it will sell. Other contingencies can be just as “iffy,” such as those tied to an insurance settlement or an inheritance.
Often, when considering two offers, sellers are tempted to accept the offer with the highest dollar amount. But that can be a mistake. Sometimes a lower priced offer puts more money in your pocket and brings you better benefits.
After considering your offer in detail, you’ll either accept it as is, or we’ll prepare a counter offer.
I’m looking forward to that conversation.