When An Offer Is Made By Julie Rose
1. PRESENTING THE OFFER
Presuming that the offer to purchase your home is generated by an agent other than myself, I will contact you immediately to arrange a meeting. The timing may be inopportune but it’s usually best to meet as soon as possible to consider the contract. Please note that when I call you to arrange for the presentation, I may or may not be aware of the terms of the offer. However, I will present the offer to you and we will review all of the terms and conditions at that time.
2. THREE OPTIONS TO CONSIDER
A. Accept the offer exactly as presented and your home is SOLD!
B. Make a counter offer – Propose the changes to the offer, i.e. price, personal property, closing or possession dates, etc. so that it is acceptable to you.
C. Reject the offer.
3. DELIVERY OF THE CONTRACT
A copy of the finalized contract will be delivered to both buyer and seller by their respective real estate agents. All pertinent legal documents can be delivered to your attorney, if you desire.
4. FINALIZING ALL CONDITIONS
· If the contract states that a lender will provide financing, it is the buyer’s responsibility to make an application for the mortgage loan as soon as possible. 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 or her ability to meet the monthly obligations.
· The buyer’s may also ask for inspections on various parts of the house or a whole house inspection. The time frame for the inspections to be completed will be stipulated in the contract. Since your buyer’s mortgage loan is to be secured by the house itself, the lending institution will assign an appraiser to visit your home to determine that it’s value is enough to secure the loan that they are making to your buyer. When all the information is received, the mortgage loan underwriter will either approve or disapprove the loan.
Occasionally there is an appraisal that comes in below the offered price. We absolutely have to deal with this. The buyer could walk away from the whole transaction if we don’t either come down in price or get another appraisal. We can’t always count on another appraisal; it could also come in low.
· After the loan is approved, more legal work is necessary, though you will have very little involvement. The title opinion and abstracting will need to be done and possibly a survey. If the property is a condominium, your Association may have to be contacted.
· When all the paperwork is in order, all parties involved will agree to the time and place of settlement. We will assist your attorney to insure a smooth and timely closing.
· Prior to the time of closing, the buyer may request a physical inspection of the home. An appointment will be arranged through my office. The buyers will want to see that everything in the house is exactly as it was when they put the offer on the house.
· Keys will be delivered to the buyer at the closing, or whenever possession of the property has been agreed upon.
· At closing, all parties will sign all documents finalizing the sale and all funds will be disbursed.
5. MY RESPONSIBLILITIES
My responsibilities are not fulfilled until the transaction is completed.
· I will follow the progress of all steps mentioned so I may keep you abreast of developments.
· I will do everything in my power to work with your mortgagee, accountant, lawyer, etc. to ensure a timely and highly satisfactory settlement for you.
· Should there be a snag in any of the above, I will inform you quickly and handle the problem.
· I do discourage early possession of the home before closing. It is to protect you from problems that might arise.
· I am always available to you. My phone numbers are as follows:
Work number: (641) 792-8200
Cell number: (641) 521-1047
Sometimes during the selling process there might be a problem, such as a low appraisal, or an inspection that requires something to be fixed. Please keep an open mind. Try and put yourself in the buyer’s shoes and try to see where they are coming from. Selling a home is ranked as one of the top ten most stressful things that people do in their lives and I want you to stay calm and let me do my job. After all that is why you hired me.
I am confident that the sale of your home will be a smooth transaction. My job does not end after the sale of your home. I will always be a phone call away if you have questions. This is my career and I hope that you will refer your friends and family to me if they have a home to buy or sell.
Sincerely,
Julie G.V. Rose