Contracts
Contract
Knowledge
Buying a home, you are entering into a
legally binding contract that must be clearly understood both in terms of
rights and obligations. Today's real estate contracts are quite lengthy. Agents
are trained to understand and explain the contract along with the reports that
are involved in a real estate transaction. Have your agent give you a sample
contract to read over prior to you making your first offer. Get explanations to
areas you don't understand. This will take a lot of pressure off you during the
negotiation period. When it comes to contracts, put everything in writing and
fill in all the blanks. Wording should be specific and carefully chosen. When
it comes to who pays for what or if it ever comes to litigation, it's what is
in writing that counts.
Presenting the
Offer
When you find the right home, move on it quickly. Have
your agent run "comps" on similar sales in the neighborhood. Use this
information to base your initial offer. Before your agent writes up the offer,
he should attempt to find the sellers motivation. Where are they moving? Why
are they selling? How long has the home been on the market? Do they have an
offer on another house? The agent will want to consider other aspects before
writing up an intelligent offer. Is the property still for sale or are there
offers pending? Is it a probate or foreclosure sale? How much do the sellers
owe, are they willing to carry back a loan? Who pays for certain transfer fees
may be decided by local custom. Different scenarios will dictate how a contract
will be written up and presented. Call Cathy or Dale for Pinehurst homes on the golf
course.
Be Realistic
with Your Offer
Negotiation time can be very emotional. If you give a lowball offer, the seller
may reject it and any other offers. Your agent will present your offer with all
the reasoning behind it. Your agent will be more effective if you are not
present at the negotiating table. Let them do their job. They know more about
the details of the offer and can present your offer in a positive light. When
an agent presents an offer on your behalf, often there is another agent
involved, the listing agent. If your offer is reasonable, expect 1 or 2 counter
offers. You will be signing many papers during this time. Contract, counter
offers, disclosures, addendums, reports and so on. Make sure to get a copy of
everything you sign. You should have copies with the signatures of all those
involved in the transactions. After the seller has accepted your offer, the
process of escrow and closing begins. Inspections need to be ordered and
scheduled in a timely manner. The loan process will begin and generate an equal
amount of paperwork. This can be a very emotional and confusing time because of
what is involved. The agent will follow the transaction through the closing and
will walk you through the steps and keep you informed. Be patient, realistic
and educated about the process. The typical real estate transaction takes 30-45
days to close after a contract is ratified. Call Cathy or Dale for all of your Pinehurst
real estate needs.
This site was developed to
provide information on Pinehurst real estate including Pinehurst Golf
and Waterfront homes, Pinehurst condos, and Pinehurst and Southern Pines
Commercial real estate.
Please feel free to visit any of our sites for additional information.
Sotheby's International Realty
Dale
Heck – Realtor/Broker
910-528-4652
