Sellers Have a Lot More Than Sale Price to Consider When Negotiating a Contract

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When an offer comes in on a property, most homeowners naturally gravitate to the sale price and consider whether that is an acceptable amount or not. But purchase agreements have a lot more to them than just price. Here are other factors that we consider when looking over an offer received on your property for sale.

Dates, Times and Possession Windows

One of the most overlooked items on a contract that sellers neglect to review thoroughly is the date range of when the buyer will take possession. Depending on the area and corresponding Realtors’ Board, there will be a place on a typical contract that outlines a closing date range. With today’s changing marketplace, it’s important to review whether those dates match up with your needs as a seller.

Other important dates to look at include the date by which the buyer promises to have their loan approval done by (also known as “loan approval date”) and also the number of days within which the buyer must complete all inspections and other investigations.

Mortgage, Sale or Inspection Contingencies

Many buyers place contingencies on their offer; some more standard such as inspection or mortgage contingencies and others like a grant contingency. It is critical to carefully review each aspect of an offer for these items that could later become a caveat to the process and result in a transaction that falls through. Down payment assistance programs are a good example of a less-than-perfect offer since the buyer is stating they will not buy your home unless they receive that assistance.

When there are multiple offers at hand, these things will be the factors that will make one offer much stronger than another.

Items That May or May Not Be Included in the Sale

Oftentimes agents do not realize there may be some reserved items on an MLS listing and those items can get left onto a contract. For example, some homeowners prefer to take their water softener with them and may choose to reserve that item. Unless it’s written in the contract, buyers could end up with the item if it is not addressed in the contract. This also holds true for things like window treatments, pool accessories and even rose bushes!

Local Marketplace Statistics and List-to-Sale Ratios

A good agent will carefully consider recent comparable properties to evaluate market activity in your neighborhood and compare the offer price to other homes also being sold nearby. List-to-sale ratios are also important to look at; are homes in the area selling at or close to the listing price or are there other trends that seem to be shaping up the market locally?
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When you work with the Shine Team, you’ll be comforted to know that we go through these and many other aspects of your contract to make sure you are getting the most for the sale of your home. To us, it’s not just about price either. We need to be sure that the experience is as comfortable and hassle-free for you as possible! We invite you to contact us today if you’d like to list your home with us or for any other real estate needs you may have.

Have a great Texas day!