Negotiating

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Negotiating

  1. 1. WHEN AN OFFER IS RECEIVED SIX STEPS TO A SMOOTH CLOSING 1. Presenting the offer ♦ I will contact you immediately to arrange a meeting to review the offer. ♦ It is usually best to meet as soon as possible. ♦ I may not be aware of the terms of the offer when I call. ♦ I will have all the details when I present the offer. 2. Options to consider ♦ Accept the offer exactly as it is made, and your house is sold. ♦ Make a counter proposal so that the offer is acceptable to you. ♦ Reject the offer and wait for another offer. 3. Delivery of the contract ♦ A copy of the finalized contract will be delivered to you and the buyer. ♦ All pertinent legal documents can be delivered to your attorney, if you desire. 4. Mortgage processing ♦ If financing will be provided by a lender, it is the buyer’s responsibility to make an application for the mortgage loan. ♦ The buyer will have a set number of days to procure the loan, as stated in the contract. ♦ The lending institution will verify the buyer’s credit, work records and determine his/her ability to meet the financial obligations of a mortgage. ♦ The lending institution orders an appraisal to determine the home’s value for mortgage purposes. ♦ When all of the information is received, the mortgage company will approve/disapprove the loan. 5. Preparing for closing: ♦ When the loan is approved, more legal work will be necessary.  title insurance will be ordered  a survey of the property will be required. ♦ When all the paperwork is in order, the time & place of closing will be agreed upon by all parties. ♦ Prior to the time of closing, the buyer will request a physical inspection of the house. ♦ The buyers may or may not be accompanied by a property inspector, whom they have engaged at their expense. 6. The closing (or settlement) ♦ All documents finalizing the sale will be signed by all parties and all funds will be disbursed. ♦ Most closings take about an hour to complete.
  2. 2. ♦ Keys will be delivered to the buyer at the closing, or whenever possession of the property has been agreed upon according to the contract.

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