Full time Realtor available 24/7/365 to address your needs. Licensed Realtor since 1997. Licensed appraiser in Illinois. Straight talk & honest answers. Always working for your best interests. Hundreds of closed transactions=great experience=piece of mind for you. Call me for the service you deserve. Satisfaction guaranteed Tom Lysik 224-800-4731
The following are some basic rules regarding negotiations and contracts:
• Emotions: do not allow emotions to get involved in the negotiation process. Your agent would be a good source of knowledge that should guide you through the process of negotiating selling contract in your best interest.
• Pre-approval: do not start negotiations until there is a written offer presented and the buyer has a pre-approval letter (not pre-qualification there is a big difference between two) from a qualified lender.
• Earnest money deposit: how much of the earnest money deposit will make you comfortable with the buyer? Keep in mind that between now and the closing date many things may happen in buyers’ life where they might decide to walk away from the deal. It will be a lot harder for them to walk away and lose $8,000 versus $2,000 as an example if they decide to do so.
• Signing a contract: when going over the contract with your agent, be specific; what stays with the house and what will you be taking out. You want to avoid any tensions and jeopardize the closing.
• Attorney’s contract review: in our state (Illinois) there are 5 business days after the contract is signed for attorney’s contract review. Changes in the contract if any (except selling price), must be first approved by both parties and done during the attorney’s review period.
• Home inspection: consider having the buyer do a home inspection (if they want to) within the time limit specified in the contract. You want the whole transaction to be processed according to the time limits included in the selling agreement.
• Contingency offers: exercise care with contingency offers. If you accept a contingency offer, one contingent on the sale and close of the buyer’s home, consider including a time limited “first right of refusal” in the contract.
• Contingencies in the offer: consider time limits on all contingencies (example: closing transaction is subject to buyer’s approval of a home inspection). Be sure the contract is written to remove all contingencies in the shortest time possible.
• Closing costs: be specific as to who is responsible for what closing costs.
• Proration of property taxes and other items: be specific in the contract as to what date items will be paid and how all items that need to be prorated will be handled.
• Closing and possession: be very specific in the agreement about the closing date and the date of possession which will eliminate any problems that may occur. It is recommended to give possession at the closing, things may happen between the closing date and the possession date if you stay in the house after closing, you want to avoid that.
• Home warranty: a home warranty can be one of the most inexpensive, effective, and tension reducing insurance policy available when selling a house. Consider providing that insurance policy for the buyer. Make sure you and the buyer understand what coverage is provided by the home warranty if you do it.