Negotiations
You just received an offer and you may be excited or disappointed. Regardless, an offer kicks off the time for negotiations.
Closing The Deal
Contract Accepted
Accepting a price and terms and signing an agreement starts the next phase, closing details and planning.
The Closing
The closing process is more involved for the buyer but there are important requirements that the seller has to meet.
The Ultimate Goal
Our shared goal is to bring all parties to the closing table and have a smooth transfer of the home from seller to buyer.
Time To Negotiate
The buyer initiates negotiations with a formal offer that spells out contingencies and terms. As your realtor, I am obligated to present to you all offers regardless of price or terms. However, all negotiations flow through the realtors rather than directly between buyers and sellers - this maintains professional distance and objectivity.
As the seller, you basically have 3 choices: accept "as is" and sign the contract, make a counter offer, or reject the offer. When you have been in real estate as long as I have, you realize there is no mystery or magic to negotiations. My style is collaborative, combine the seller's thinking and add my guidance and experience. I look for common ground that works for both parties while protecting my seller's interests.
Counter-Offer Strategies
The seller wants the best price and the buyer wants the best deal - this natural tension drives the negotiation process. Whether the buyer starts with a low-ball offer or comes in closer to or even above asking price, the offer sets off a period of offers and counteroffers. Most often, neither party truly wants to walk away and that creates the momentum to find common ground. As a seller, you may feel more pressure knowing the buyer can simply move on to another property. I am comfortable standing firm at the right time especially if I know your true stop price.
Deal Is Done
Details, Details, Details - this is where a good agent's guidance pays off. While you might think the buyer has the main responsibilities for closing details, your agent needs to stay razor-focused on ensuring the buyer, the lender, the inspector, and the title company all meet their deadlines and requirements. I excel at the "bug'em friendly" style of working with all parties. In addition, the seller's agent must monitor the appraisal process and sometimes even fight for accuracy since it can impact the deal.
Earnest Money
There are critical deadlines in the Sales Agreement that must be met by the buyer. As your agent, I will proactively track these deadlines and ensure that funds are properly deposited on time. The amount of Earnest Money is typically part of the initial negotiations, and sellers often favor buyers who demonstrate commitment to the deal by agreeing to larger deposits. A second deposit, after the home inspection, must be made before the actual closing.
The Home Inspection
If you complete a pre-sale home inspection, you can avoid unwelcomed surprises. Many sellers miss the opportunity to address items from their home improvement to-do list, which then become leverage for buyers to request credits or repairs.
The primary purpose of the inspection is to identify issues that could impact the buyer's decision to purchase. Serious concerns can derail a deal entirely. While some inspections reveal no significant problems, when "Major Issues" are discovered, buyers naturally feel entitled to seek compensation or repairs. This often requires a second round of negotiations, which can be more challenging than the initial price discussions.
The Appraisal
Neither the buyer nor the seller controls the Appraisal Process - it's conducted by a certified, trained professional who typically works for the mortgage company. While most appraisals support the agreed-upon price, there are instances where a low appraisal can jeopardize both the deal and the buyer's financing. This is why I stay actively involved in the appraisal process, carefully reviewing the report details and advocating for accuracy when needed. I understand that factors like comparable sales, property condition, and unique features can significantly impact the appraised value, and I am prepared to challenge any discrepancies.
Closing Process
The actual closing is less complicated for the seller. The buyer has to bring the correct funds and have a mortgage commitment and docs in place. Both parties must meet all of the requirements of the title company and the seller will be asked to show proof of any repairs agreed to as part of the inspection process. I work with all parties to ensure a smooth transition.
The Final Walkthrough
The buyer is allowed a final walk-through the day of closing. Before the final walk-through, the seller needs to ensure all repairs agreed on as part of the post-inspection negotiations have been completed and be prepared to show proof, receipts or inspections. Also, the buyers will check to make sure that you have completely vacated the premises, left no trash, and it is broom clean. If there are any issues they can delay the closing.
Title and Docs
The title company or any attorneys attending the closing will be responsible to provide guidance on the accounting of all fees and credits or deductions between the buyer and the seller. All parties need to carefully review the legal and financial documents related to closing before the actual closing date. I will review and explain in great detail all the numbers, accounting, and specifics of signing the closing docs.
Never hesitate to ask me or the title clerk for clarification - this is a significant transaction, and you should be comfortable you understand every document you're signing. After signing all the papers it is time to hand over the keys. At the conclusion of the closing, you will receive any proceeds from the sale by wire or check. Congratulations on selling your home.
What Can Go Wrong!
At this point in the final process, you can rely on my experience, attention to details, expertise, and relationships with all parties to ensure that nothing goes wrong. In the rare case that an issue might derail the closing, I am your best problem-solver. My calm approach and deep understanding of real estate transactions enable me to navigate challenges effectively and guide the deal successfully to the finish line.
Moving Etiquette
- Moving companies don't always show up on the date contracted so plan your move to give yourself enough time to meet the closing date deadline.
- Ensure all items specified in the sales agreement remain in the house for the buyer.
- FYI: all fixtures (anything bolted, mounted, or permanently attached to floors, walls, or ceilings) must stay with the property.
- You no longer own your property so don't leave anything behind.
- Have a plan if there is an agreement to transfer specific services and utilities and do so as of date of closing.
- Leave the property completely clean and free of trash, both inside and outside.
- Clear out all storage areas including garage, basement, and attic.
- Notify Jenn immediately once you've completely vacated so she can coordinate the buyer's final walk-through.
