Negotiating an Offer

As a Listing Agent, it is my job to negotiate the best possible terms for my customers. At the initial CMA appointment, it is my policy to provide an in-depth discussion on value and help customers truly understand the terms, subject conditions, closing dates, and lowest price they would accept from a potential purchaser. By understanding and having a clear sense of your parameters, I can then work with the potential purchaser's agent to create an offer that will be acceptable to you.

When An Offer Comes In

Interested buyers will typically submit an offer to us through their Agent. If the interested party walks in and asks me to write their offer, I will be able to handle both transactions without bias to achieve the best deal for both parties.

Once an offer is received, it is my job to take you through the offer to ensure that you understand all aspects and the legal ramifications of its contents. Before you accept or counter the offer. A counter offer voids the initial offer and replaces it with one that is more to your liking. Counter offers can go back and forth many times depending on the circumstances. Once an agreeable offer is accepted, the process can move forward.

Your offer will contain:

The names of the potential purchaser
Your name
A description of the property
The conditions they wish to attach to the purchase:
- price
- closing date
- concessions
- survey
- home inspection
An irrevocable date (you have until this date to accept, or sign back a counter offer)
It may also contain mortgage details

Very often, the first thing vendors look at is the offer's purchase price. Remember that it the purchase price does equal your 'profits'. You need to first pay your:

title fees
real estate agent commissions (buying/listing agents)
bank (for the balance of your mortgage and for any prepayment or discharge penalties if applicable)
taxes (if there are any outstanding)

On the bright side, you have probably pre-paid a number of property expenses such as utilities, and taxes. In this case, you will receive additional funds back upon completion.

Evaluating the Offer

Before the first offer even comes in, you should have in mind how low you would go on price, what conditions you would accept and what terms would be agreeable. When an offer is presented, we will have a set of criteria by which to evaluate it.

Together, we will evaluate and discuss all of the offer's terms, inclusions, exclusions, closing dates, subject conditions, provisions and deposit. Don't worry--you are in the hands of a professional. When it comes time to sit down for this, we will thoroughly go over every detail together. If there's anything you don't understand at any time, please don't be shy, just ask!

Accepting the Offer

Once you are satisfied that the final offer has met your criteria, you can then accept it. To ensure that the purchaser won't get cold feet, we will require a significant deposit, usually 1-5% of the offer price, depending on the offer. The deposit will be in the form of a bank draft and is never paid directly to the agents. Deposit checks or drafts are ALWAYS held in trust by either my brokerage, RE/MAX Central Realty or a title company. When the transaction comes to a successful close, these funds will then form part of the purchase price.

After the offer is accepted by both parties, it is the Buyer Agent's job to help their customer satisfy and remove any and all subject conditions. I will help coordinate this process and make sure the buyer stays true to his/her conditions. Once these conditions have been successfully removed, congratulations, your home is SOLD!

Just Because Your House Has Sold, That Isn't the End

Chances are you have already bought your new home through me, but if not, I can still help. My comprehensive Buyer Services offer investors, experienced or first time home buyers with comprehensive worksheets, checklists, and all the insider secrets you need to ensure a smart purchase. Call me today and let's get you buying with confidence!

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