Sellers, you got a contract on your property? Don’t celebrate just yet! Did you realize there are three times you’ll negotiate when selling your home between the initial contract acceptance and the closing? I’m Anne Stewart, principal broker with eXp Realty and Stewart Real Estate Group.
The first negotiation occurs at the time the seller gets the offer. This initial offer is where you’ll sort out the offer terms such as the price, closing date, concessions and more. This initial offer negotiation is well known because once you review and accept an offer you’re officially under contract.
After the initial offer has been negotiated and accepted the buyer schedules their inspections. Once the buyer’s inspections are complete the buyer has the opportunity to object to the property condition and request the repairs that they would like to have done at the seller’s expense. This is the second time this buyer and seller negotiate.
The third negotiation occurs after the buyer’s appraisal is ordered. This is done by the buyer’s lender. The appraisal will provide a value to the lender but it may come back with requirements regarding repairs or conditions that must be completed before the buyer can receive the loan and close on the property. If the value comes back lower than the negotiated price there can also be another negotiation of the purchase along with negotiations of any repairs and conditions that the appraisal requires.
Does all of this negotiating sound overwhelming? I completely understand. It’s all very important that your agent is an expert and helps you navigate all aspects of those negotiations. Along with years of experience and selling over a thousand homes in my two decades, I have completed many hours education and certifications to give my clients an edge in this market. I’m a full-time broker and I’ve walked through many, many negotiations. My team and I would love to be your first choice as you navigate the next real estate transaction and as we want you to love where you live. See you soon!