Someone has decided your property is just right––and makes you an offer. When your RealtySouth Sales Associate conveys the offer to you, you'll know whether the price the buyer has suggested is fair. It may be less than your asking price. Yet you don't have to reply immediately if you're not certain the price and terms are acceptable.
Consider the current real estate market: Are houses in your neighborhood selling quickly, slowly or not at all? Don't assume that one offer will lead quickly to others. One predictable factor in the real estate market is that it's totally unpredictable.
Finding a Compromise
If you and your potential buyer are far apart, you could offer a few concessions such as appliances or a security system, or make some improvements prior to closing. You could also guarantee the condition of your home with a seller's inspection and warranty program with RealtySouth Warranty.
Drawing Up a Purchase Agreement
Your purchase agreement will include:
The total price.
The amount of the down payment.
The date the closing will take place.
When completing the agreement, provide as much detail as you can about what's being sold and what's not. The more fully you spell out the details of the sale, the less room there is for problems later.
Most buyers insist that a provision for cancellation without penalties is included to protect them if they're unable to get a mortgage, or the home inspection uncovers major problems. They might also ask you to make your sale contingent on the sale of their current home. Delays happen frequently, so expect to do a little waiting before your agreement is finalized.