Sellers looking at Contract Terms
Buyers and their agents need to be very careful about not only the offer price, but also the terms of the contract. Sellers do not always just accept the highest offer, as one might think.They want to SELL the property and the only way that would happen is if the buyers are serious about the property, if buyers are really able to buy and can actually close the deal. All cash offers may be more attractive to sellers, even if they are less than the conventional loan offers. Smart sellers know that transactions can fall through because of loan problems. Another important term of the contract is property investigation contingencies. Many sellers who provide termite and home inspection reports expect to see the least number of days for inspection contingencies, or even better, waiver of inspection. Sellers worry about buyers changing their minds and backing out of the contract. Just few things for buyers to think about… Make your best offer with the best term!
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8 Responses to “Sellers looking at Contract Terms”
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Great points Shokoofeh, one only needs to remember the three things that matter to a seller, Price, Time and Convenience, one of the three will be the primary motivator, and in todays market price is not always #1.
Shokoofeh,
Excellent points in that the contract that can actually close is the most valuable to the seller
and buyer in any transaction.
Brian
The way an offer is structured can make a total differance. A number of times I have seen a lower priced offer accepted because of the other terms.
Hi Shokoofeh, great advice for buyers (and their buyer’s agents) who are serious about making the purchase. In a market in which many external reasons could break a deal, sellers may be more attracted to offers that present to be clean and straightforward than just the price.
Great points Shokoofeh, I agree with Michael when he said, “one only needs to remember the three things that matter to a seller, Price, Time and Convenience”. If you are able to find out which is most important to everyone it makes things a lot smoother.
That good ol’ Buyer’s Remorse kicks in about three minutes after the contract is accepted. It is a powerful force, known the convert normally rational folks into hideous, no-holds-barred, contract killers. Earnest money, and plenty of it, is a must! Anybody seeking to lock a home under contract with less than stellar earnest money may as well save the ink they are putting to paper when writing the offer to purchase.
Rob Cook, you’re so right about the 3 minutes. One of my clients made an offer on a property yesterday. He was getting doubts as he was signing the deposit check. We then heard that the listing agent is expecting an all cash offer. My buyers doubts went out the door and now he is fighting to get that property before the cash offer gets in.
Great points on what sellers are looking for – sometimes, price is not the only consideration. Buyers need to make sure to work with agents who can help them present their offers in the best way possible.
Rob, good note about Buyer’s remorse and the need for earnest money. There’s a good reason why it’s also called a “good faith” deposit, as it helps show how serious a Buyer is.