Consider the current real
estate market: Are houses in your neighborhood selling quickly,
slowly or not at all? Don't assume that one offer will lead quickly
to others. One predictable factor in the real estate market is that
it's totally unpredictable.
Finding a Compromise
If you and your potential buyer are far apart, you could offer a
few concessions such as appliances or a security system, or make
some improvements prior to closing. You could also guarantee the
condition of your home with a seller's inspection and warranty program.
Drawing Up a Purchase Agreement
Your purchase agreement will include:
- The total price.
- The amount of the down payment.
- The date the closing will take place.
When completing the agreement, provide as much detail as you can
about what's being sold and what's not. The more fully you spell
out the details of the sale, the less room there is for problems
later.
Most buyers insist that a provision for cancellation without penalties
is included to protect them if they're unable to get a mortgage,
or the home inspection uncovers major problems. They might also
ask you to make your sale contingent on the sale of their current
home. Delays happen frequently, so expect to do a little waiting
before your agreement is finalized.
See our Closing information
to understand the closing process. |
