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When a buyer is searching for a home and they find one they like, they'll submit an offer to the seller. From there, the negotiating begins. Today, we want to walk you through the steps of this process.
Price and conditions: The first things that will be discussed are the price and conditions of the property. Essentially, the offer includes what the buyer intends to buy the home for IF a few things are done beforehand. The buyer may ask for the appliances to be included in the sale or for the sellers to help cover part of the closing costs of the sale.
Inspections and repairs: During this phase of negotiations, the buyer will come in and have inspections done on the property. It may be a full home inspection or various other inspections to look at particular parts of the house. The buyer has the option to inspect whatever they want to, in order to ensure they know what they're paying for. If there is anything that comes up that needs to be addressed, the buyer will put it on paper and let the seller know. As a seller, you can take care of all the repairs, split the repairs with the buyer, lower the price of your home, or do nothing at all.
Survey: As a buyer, you have the option to do a survey on the property. This ensures the property lines and boundaries are where they are supposed to be and you don't have any encroachments. If a problem is found, make sure it's taken care of prior to closing.
Appraisal: Finally, the bank is going to do an appraisal once the property is purchased. Once the appraisal comes back, there will be no problems if it is at the contract price. If the appraisal is below the contract price, another negotiation will need to take place during the contract phase.
Hopefully this short explanation of negotiations during the contract phase will help you get the most out of your real estate transaction. If you need assistance, or have any questions about real estate, don't hesitate to give us a call or shoot us an email. We would be please to help!
