The crucial period between an offer and a final contract is an important time to stay in close contact with me, so you’re equipped with all the information you need to make smart decisions.
What should I expect to see in the contract?
Some of the key points in your multipage contract include::
Accuracy of information, including the correct spelling of your name and the property address
The effective date of the contract – important because your contingencies have time limits
A list of contingencies, such as that the sale depends on financing, an appraisal, a satisfactory home inspection, and perhaps the sale of your current home
Property disclosure information from the seller, depending on your state laws
A complete list of what conveys with the property
A list of required inspections, such as a home inspection and a pest inspection
Information about when you can move in
In some cases, such as if your offer is contingent on the sale of your home, the seller may add a “kick-out” clause, which means that the seller could accept another offer if one is made before your home is sold
I’ll review the contract with you to make sure all of your questions are answered.
How do I know when to negotiate and when to let go?
We’ll work together to balance how much you want a particular property and what you’re willing to accept to get it.
You may want to let go when:
A bidding war drives the price too high
The appraised value of the home is below your offer
A home inspection finds defects that would be expensive to repair
The seller is unwilling to make reasonable repairs
You learn about homeowners association rules that won’t work for you
What are common contract pitfalls I should avoid?
We’ll watch out for:
Unrealistic deadlines: you’ll need time to arrange a home inspection and receive the report, as well as arrange financing
Missing deadlines means you lose your chance to end the contract and keep your deposit
Items that don’t convey with the property: if you’re not sure, we can discuss it
Communications from your lender
According to the National Association of REALTORS®, the most common reasons for contracts to fail or be delayed are home inspection problems, financing problems, or an appraisal issue.
I will be by your side at every step to help you navigate the complexities of a real estate contract.