RECEIVE THE OFFER
When a buyer decides to buy your home, an offer will be presented. Your Bozeman real estate agent will advise you as to whether or not the prospective buyer is qualified to purchase your home. After all, there is no reason to review an offer if the person(s) making it will not be able to actually buy your home.
You and your real estate agent will then review the written document, taking care to note what is required of both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature.
Once you accept the contract, it may be too late to make any changes. The contract, though not limited to this list, should include the following:
- A legal description of the property
- The offering price
- The down payment
- Financing arrangements
- A list of fees and who will pay them
- Amount of the deposit
- Inspection rights and possible repair allowances
- The method of conveying the title and who will handle the closing
- A list of appliances and furnishings which will stay with the home
- The settlement date
- Any relevant contingencies
Remember that the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with your real estate agent right away.
NEGOTIATE THE OFFER
Most offers to purchase your home will require some level of negotiation to come to a win-win agreement. Your real estate agent is well versed on the legalities of the real estate contract used in your area and will handle the responsibility of protecting your best interest throughout these negotiations. In addition, your agent has a thorough understanding of the contract itself, including what each contract clause means to you and your buyer, what you will net from the sale of your home, and what areas in the contract lend themselves easiest to negotiation. Your agent will review the written offer with you to make sure that you thoroughly understand what the buyers are offering and what they are asking in return.
Some of the items that you may have to negotiate are:
- Closing costs
- Repairs that need to be done
- Appliances and fixtures
- Occupancy time frame
To really gain some insight into why potential buyers are pursuing the purchase of your home and how they might proceed in the negotiations, it is also important to know as much about the buyer as possible, especially their motivation for buying. Once both parties have reached a point where the deal is acceptable, your agent will be certain that you have a legally executable contract.