| There are lots of forms and contracts
used in the selling of Prescott real estate, and you need to be very
familiar with them. This includes purchase agreements, addendums, cost
breakdowns, title reports, disclosure forms, counter offers, and more.
Many areas also have MANDATORY disclosure forms
for property condition and lead-based paint. Failure to complete these
disclosures can result in stiff financial penalties!
Some people insist on taking negotiating to an art
form. You really don’t need to worry about a bunch of fancy tricks.
Realistically, if you keep your goals and purpose in mind, they will guide
you to making the right decisions during your negotiations with a Prescott
real estate buyer. You will have three basic options when you are
presented with an offer:
- Accept the offer.
- Reject the offer.
- Make a counter offer.
The price is always the focal point of the offer,
but there are lots of other areas that you need to address and pay close
attention to also. When reviewing an offer, make sure that every aspect of
the transaction is spelled out specifically. Details that are not clear or
are left out can lead to big problems down the road.
Some of the items that you want to be sure to
spell out in detail when considering an offer include:
- Price
- Down Payment
- Earnest Money Deposit
- Is the Buyer Pre-Approved
- Interest Rate
- Closing/Possession Dates
- Loans Costs - Who Pays
- Closing Costs - Who Pays What
- Pro-rations
- Appraisal - Who Pays
- Home Protection Plan
- Inspections - Who Pays
- Items Included - Washer, Dryer, Refrigerator
- Title/Escrow Company
- Attorney
- Contingencies - What and How Long
Spelling out every detail can save lots of
confusion and misunderstandings, and keep you out of a costly court
battle! One area where you need to be very careful is contingencies. These
are things that must or must not happen in order for the transaction to be
valid.
For example, the Prescott real estate purchase may
be contingent upon the buyer getting approved for their financing, on
getting a favorable inspection report, or many other things. Make sure to
spell out the contingency clearly, as well as what specifically will
happen if the contingency is or isn't met.
The important thing is to keep your goals in mind
throughout your negotiations. This will guide you, and help keep you from
making bad decisions based on emotion.
As you can see, selling your Prescott Arizona home
involves much more than simply sticking a “For Sale” sign in your yard
and packing boxes. That is the main reason why over 90% of all sellers
hire a real estate agent to handle the details for them. This is not
to say that you can’t sell your Prescott Arizona home on your own – in
fact, in some situations this may make sense for you. More about selling
on your own in a minute. For those of you who have decided to hire an
agent, the big question is...
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