Philadelphia Real Estate Blog

Center City Philadelphia
Condos and Lofts

 

Subscribe To Receive
 Blog Updates By Email

Calendar

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930  
 
 

January 4, 2016

How I find most negotiating works in a Real Estate Transaction- Brief version

Filed under: For Buyers,For Sellers,General Real Estate — Center City Philadelphia Real Estate Agent @ 9:00 am

Let’s say a home is asking $500,000 and a buyer makes an opening offer of $475,000. Here are a few things that are typical under this scenario:

  1. The eventual price is probably going to be $487,500- split between asking and initial offer
  2. That price will often be renegotiated as a result of a home inspection
  3. The buyer is going to submit his offer via docu-sign and the seller will respond initially to the offer verbally. The buyer will counter verbally as well. Until a price is agreed upon- everything is done verbally.
  4. Once a “meeting of the minds” occur- the offer is sent back to the buyer with all changes initialed that the offer can be presented to seller in a fully executed format. Seller will then sign via docu-sign as well. Seller may continue to show the house, but may not enter into another contract unless the first contract is dissolved.
  5. Seller signs. Once this happens- the contract is fully executed and THAT is the day in which the “clock” starts in terms of when the 2nd deposit is due, and when the home inspection needs to be done, etc
  6. Although a seller may negotiate an “AS-IS” clause into the contract- that does NOT prohibit buyer from having a home inspection and cancelling the deal if they so choose (of course IF done within the time frame allotted to complete inspections)
  7. NO terms of the contract are valid or enforceable unless in writing. Period.

• • •

No Comments

No comments yet.

Comments RSSTrackBack URI

Sorry, the comment form is closed at this time.

 
 

530 Walnut Street, Suite 260
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
Copyright Mark Wade | All rights reserved.
Site Admin | Log Out