In my last article, I let you in on some of the questions my husband and I both had in deciding to make an offer. Well, we finally decided and made the offer. Next step - waiting.
If the seller doesn't accept your offer, it's likely that they will make a counteroffer. But it doesn't necessarily even end there. You too have the option of countering their counteroffer with your own counteroffer. And they may counter your counteroffer countering their counteroffer with another counteroffer. Take a deep breath, it's not as bad as it sounds.
All this counteroffering is just a part of the ritual of modern house buying that can, and often does, end up with the seller and buyer coming to an agreement somewhere between the asking price and the buyer's original offer.
There may be other things besides the price that can enter into a final agreement as well. In our case, we have a golf cart at the house that we're selling but we won't have any use for it at the new home. So instead of selling it outright, we may be willing to "sweeten the pot" a bit by including it in the sale of the house instead of lowering the price of the house itself.
We had made what we thought was a rather low offer, but in the end it was the right offer. I've heard that 15% below the asking price is a good place to start with your original offer. The seller counteroffered just a few thousand dollars above our offer. By coming so close to our original offer, we felt that they were ready to "get it over with" and more hassling couldn't have resulted in a price that was a whole lot better anyway, since we were already close, so we accepted the first counteroffer.
Acceptance of an offer, then, is really the beginning of the closing process. If you haven't already been pre-qualified for a loan, your first step will probably be finding a bank with a good interest rate. You'll need inspections, probably a survey, homeowners insurance, and title work. It may be several weeks before you get that set of house keys in your hot little hand.
In the end, however, everything will come together and then you'll need one more thing - movers (or lots of friends with strong backs and pick-up trucks).
In our case, we selected to use professional movers. That worked out great, but then there were still all those boxes to deal with. If you have read this series. you will know that a pool was on our "want" list, so at least we can break up the unpacking with a pleasant swim. For us, the moving process is at an end, though we to have to sell or rent our old house. It is in an area attractive to snowbirds, so renting may be an option for us.
If you are a real estate agent, your job would not be done because our deal is complete. You would be trying to get the listing for old old home, if you don' t have it. We tried several agents before we settled on the one we used; we'd be likely to recommend our current agent who did a great job for us.You would be keeping our name handy in your database so you could keep in touch. and manage our referrals. After all, we have bought several homes in our life - who knows if this will be our last purchase?
Need someone to manage client communications and maintain your database? Best Agent Business offers real estate virtual assistants ready to handle many processing steps in the closing process. Schedule a needs assessment call with Steve Kantor, to learn how our experienced home-based virtual assistants can also help you with your marketing, cleanup your database, and assist with other administrative and marketing tasks.
Blog contributed by Pennie - Virtual Assistant- Best Agent Business
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