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keeping YOUR goals in mind There are lots of forms and contracts used in the selling of real estate, and you need to be very familiar with them. This includes purchase agreements, addendums, cost breakdowns, title reports, disclosure forms, counter offers, and more. There are mandatory disclosure forms for property condition and lead-based paint. Failure to complete these disclosures can result in stiff financial penalties! Some people insist on taking negotiating to an art form. You really don’t need to worry about a bunch of fancy tricks. Realistically, if you keep your goals and purpose in mind, they will guide you to making the right decisions during your negotiations with a buyer. You will have three basic options when you are presented with an offer:
The price is always the focal point of the offer,
but there are lots of other areas that you need to address and pay close
attention to also. When reviewing an offer, make sure that every aspect of the
transaction is spelled out specifically. Details that are not clear or are left
out can lead to big problems down the road.
Spelling out every detail can save lots of
confusion and misunderstandings, and keep you out of a costly court battle! One
area where you need to be very careful is contingencies. These are things that
must or must not happen in order for the transaction to be valid. For example, the purchase may be contingent upon
the buyer getting approved for their financing, on getting a favorable
inspection report, or many other things. Make sure to spell out the contingency
clearly, as well as what specifically will happen if the contingency is or isn't
met.
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Mike Burns, CRS, GRI, REALTOR® |
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