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How to Negotiate Counter Offers When Buying a Home

You found your dream house. You want to buy it.

Before you sign it, read it carefully and make sure you understand every detail. This will be the sales contract once the seller accepts and signs the offer. Any verbal agreements should be written into the contract. If you plan to have a lawyer represent or advise you, retain one as early as possible. The seller will accept it as written, make counter offers on unacceptable aspects, or reject it.

You can then accept it, counter-the-counter offer, or reject it.

The offer to buy becomes a contract when all parties have initialed every counter and signed the offer. While sales contracts differ from transaction to transaction, there are several provisions you may want to include:.

You're in a strong bargaining position, that is, you look particularly welcome to a seller, if: In these circumstances, you may be able to negotiate some discount from the listed price.

On the other hand, in a "hot" seller's market, if the perfect house comes on the market, you may want to offer the list price or more to beat out other early offers. It's very helpful to find out why the house is being sold and whether the seller is under pressure. Keep the following considerations in mind: Can you take back an offer? In most cases the answer is yes, right up until earnest money deposit counter offer moment it is accepted, or even in some cases, if earnest money deposit counter offer haven't yet been make money make money pitbull lyrics of acceptance.

Does a buyer have to submit his earnest money with the offer? | Advice for Texas REALTORS® | Texas Association of REALTORS

If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don't want to lose your earnest money deposit or find yourself being sued for damages the seller may have suffered by relying on your actions. Maryland Real Estate Center Maryland Real Estate Search World best forex trading company for Sale in Maryland.

Buying Basics Real Estate Agency Should You Buy Now? Cost of Living Comps. Contract Provisions While sales contracts differ from transaction to transaction, there are several provisions you may want to include: Deposit - The amount of earnest money should be clearly stated, plus the amount of money you will be paying at settlement and your sources of financing. Financing Contingency - Be specific about the total loan amount, the date a second or third mortgage is due, and the exact financing terms.

Inspection Contingency - You may make the contract contingent on a building inspection report. You will usually have to pay for this inspection, but the peace of mind or detection of a problem is well worth the cost of inspecting.

Receiving an offer and contract on your house at the Maryland Real Estate Center

Termites - The contract may require the seller or buyer, depending upon the area, to pay for a termite inspection. The results of this inspection may require payment to remove the infestation and repair any resulting damages. You should get a written report at settlement indicating that the property is free and clear of any active termite infestation. In some areas, well and septic certificates are also required.

Personal Property - Specify in writing if items not physically attached to the house are to be included in the sale. These items can include light fixtures, drapery rods, appliances, firewood, and even swimming pool chemicals.

Repair Work - Standard contracts of sale require sellers to confirm plumbing, heating, mechanical, and electrical systems are in working order at the time of settlement. You should conduct a pre-settlement walk-through inspection several days before or no later than the day of settlement.

Also, be sure to clear the title company with the lender, whose interests are also involved. Closing and Occupancy Date - Include an arrangement with the seller, such as a daily rent-back agreement, in case they remain in the house past the settlement date. Negotiating Tips You're in a strong bargaining position, that is, you look particularly welcome to a seller, if: Withdrawing an Offer Can you take back an offer?