There are literally hundreds of points that you can negotiate in a real
estate transaction, and it is important to feel confident about negotiating
with potential sellers, or there may be a danger that a seller will talk
you into agreeing to terms in a contract that are not in your best
interest.
There are many potential points that can protect and enhance
your purchase, including financing and home inspection contingencies.
Most purchase contracts, even if they are standard documents,
contain boilerplate language that may not fit your situation and may in fact be
unfavorable to you. Your Coldwell Banker Hunter Realty agents will explain the language, so that
you can make an educated decision in order to make the best possible
purchase decision.
Contingencies
There are two types of contingencies found in
most transactions-a financing contingency, which makes the purchase conditional on the
buyers' ability to obtain a loan from a lender, and an inspection
contingency, which allows the buyers to have professionals inspect the
property to determine potential property issues prior to entering a binding
contract to purchase. You could forfeit your Earnest Money deposit
under certain circumstances, such as by terminating a purchase without legal reasons provided
for in the contract. In order to protect your position, your Coldwell Banker Hunter
Realty sales associates will make certain that the purchase contract contains
provisions which protect your purchase interests including a clear and
marketable title, having the seller agree to maintain the property in its
present condition until closing and making any agreed-upon repairs to the
property.
Furnishings
Deciding what stays and what goes is usually up for negotiation. If sellers
want to take fixed items out of a house, they must specify so in the sales
agreement. Appliances that are not built in such as washer, dryer,
refrigerator, portable dishwasher, portable microwave, and freestanding
stove are all negotiable, as is anything else not permanently attached to
the property.
Neighborhood Price Comparison
Neighborhood Price Comparison or Comparative Market Analysis is an
estimate of market value performed by a real estate agent or broker. A
comparative market analysis takes into account aspects of the home you're
looking at, including size, features, and annual costs associated with each
home, as well as any repairs and improvements on the home. You may also
receive a list of recently sold, comparable homes in the neighborhood, and
a list of comparable homes currently for sale.
For a free Neighborhood Price Comparison, contact your
Coldwell Banker Hunter Realty sales associate or contact us
Earnest Money Deposit
This is a deposit paid by the prospective buyer of real property
as evidence of the good faith intention to complete the transaction.
The amount earmarked for earnest money usually does not exceed five percent
of the purchase price and it serves as a source of payment of damages to
the seller if the buyer defaults. The amount and the form of earnest money
may also play into the negotiation strategy your Coldwell Banker Hunter Realty agent employs.
Once the offer is mutually accepted, the earnest money is held in trust
by either the Real Estate broker or the escrow company. Earnest money is
credited toward the buyer's purchase price at closing. If closing fails to
occur, the defaulting party may lose any claim they have to the earnest
money deposit.
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