Grand Rapids MI real estate listings and homes for sale, home buying, home selling information – Kevin Walters - Five Star Midwest

Kevin's Real Estate Blog

Negotiating the Sales Contract

January 22nd, 2008 10:39 AM

Preparing your home and marketing your home are only half of the complete selling process. Negotiating the sales contract (purchase agreement) every bit as important. Once you have found a buyer who is interested enough in your home to make an offer, you need to ensure that your interests are protected in the purchase agreement.

At this critical stage it is imperative that you fully understand your personal reasons and motivation for selling the home. For example, you may be more motivated to sell and willing to accept a lower price and concessions if you are moving due to a job transfer or job loss. However, if you are simply selling so that you can use your current equity as a down payment on your dream home, you may be less likely to deviate from your asking price.

When dealing with an offer from a prospective buyer, make sure that every detail is in writing. Once the offer has been submitted, you have three possible choices: 1) Accept the offer as written; 2) Reject the offer outright; 3) Propose a counteroffer. The following is a list of points to consider when reviewing an offer.

Price
Earnest money deposit
Buyer financing: Do they have an approval letter from a lender? How much is their down payment? What interest rate are they seeking?
Closing and possession dates
Prorations for taxes/association dues/etc.
Closing costs: Who will be paying? Are the costs split between buyer & seller?
Home Warranty/Home Protection Plan: Who is paying for it? What company is supplying it?
Inspections: What inspections will done and by whom?
Fixtures/Improvements: What items are included in the sale (appliances, etc.)?
What title company and/or attorney will handle the closing?
What contingencies are involved? (i.e. the sale of another home, financing, etc.)

Posted by Kevin Walters on January 22nd, 2008 10:39 AM

When a showing appointment is made...

January 9th, 2008 9:53 AM

When you put your house up for sale, both agents and individuals will want to view your home. The following is a listed of suggested ideas to help increase the chances for a successful showing:

1) Open all draperies and window shades during daylight hours.
2) Turn on all lights and replace bulbs with high wattage bulbs where needed.
3) Open windows one-half house before showing to circulate fresh air.
4) Open all the doors between rooms to give an inviting feeling.
5) Place fresh flowers on kitchen table and/or in the living room.
6) If possible, bake cookies or bread to add an inviting aroma.
7) The kitchen and bathrooms should be sparkling clean.
8) Pets should be confined or restricted from view. Be sure to eliminate pet odors. Not everyone may share your love of animals and some people may even be allergic to them.
9) All jewelry and small valuables should be stored in a safety location.
10) Replace any items not included in the sale, or tag them appropriately with “to be replaced with…” or “not included” signs.
10) Beds should be made and clothes picked up. Bathrooms should be clean with towels folded and the toilet lid down.
11) When you leave the house, leave it as if you know it is going to be shown. You never know when the right person is going to look at it!
12) Make sure your property profile folder, utility bills, house locations survey, etc. are available.
13) Add some strategically placed fresh flowers
14) Turn off the television and turn on the relaxing music at a low volume
15) Make a fire in the fireplace if appropriate

Posted by Kevin Walters on January 9th, 2008 9:53 AM