If you are a first time seller who has just received an offer on your home, you may be tempted to focus solely on the amount your prospective buyer is offering. However, there’s much more to an offer than just the purchase price. Here are some of the other things that make up your buyer’s offer that you should pay attention to, as they could ultimately affect your bottom line:
1. Seller concessions. These can include anything from you paying some or all of the buyer’s closing costs, to agreeing to set funds aside to pay for repairs or renovations. Buyers will not usually ask for a lot of concessions if the market is hot, because they know they won’t be likely to get them, but if the market is cool, they may ask for more seller concessions.
2. Inspection contingency. This is where the buyer states that their offer is contingent on them accepting a home inspection report that they will pay for. This clause may also include contingencies for pest, well or septic inspections.
3. Personal property. Basically, anything that is physically attached to your house is considered part of the transaction and would belong to the buyer, including custom bookshelves and built-in cabinets, lighting fixtures, the dishwasher, etc. Furniture and a refrigerator are not attached, so those would belong to you. As the seller, you should make sure to state in your listing or counter offer if there are any attached items that won’t be included in the sale, such as lighting fixtures or the stove. In this section, buyers may also include items that they want taken away before closing, such as any leftover clutter in your attic or garage.
4. Buyer selling property contingency. You might get an offer that is contingent on the buyer selling their property, which means that they can only go through with the contract if they sell their current house. If you get such an offer, make sure to set a time limit, otherwise your property could be tied up for months.
As always, it’s important to work closely with your real estate agent to make sure you fully understand all the terms and conditions included in your buyer’s offer before you finally decide whether to accept, reject or counter offer. If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
