Contract Negotiations – Process
Contract negotiations are the next step once you have found a property that’s right for you; starting with making an offer. What steps are involved in contract negotiations in a real estate purchase?
In contract negotiations often the main concern in a real estate purchase contract is the selling price of the home. Other factors also determine the net bottom line for the buyer and the seller. There is where contract negotiations come into play. Where is the bargain for a home buyer if he or she is paying all the closing costs? Does the seller really get his or her top price if the buyer wants all the furniture included in the purchase price? Review the Offer & Acceptance Brochure published by the NC Real Estate Commission.
Research and Planning
Depending on the Lake Norman market conditions, you may have to act quickly, before another buyer submits an offer. The best way to approach a home purchase is to have all the facts and have a negotiating plan. Current market prices are the most important factor. Your Lake Norman REALTOR can counsel you on market conditions, price ranges, comparable properties, and appropriate negotiating plan.
Submit an Offer
Before you write an offer you will want to review the Seller’s RESIDENTIAL PROPERTY AND OWNERS’ ASSOCIATION DISCLOSURE STATEMENT. It should be furnished to the Buyer; even from For Sale by Owners! In NC a real estate transactions require a written contract, which conveys an initial written offer. A check for earnest money usually accompanies an offer. Your offer will specify price, plus all the terms and conditions of the purchase you want to negotiate. Your REALTOR provides a valuable service by helping you use up-to-date NC Real Estate Forms and can explain the impact of various terms and conditions.
The Seller’s Response
Your offer is presented to the seller’s. The seller’s options are to:
If, after reviewing your written offer, the sellers sign their unconditional acceptance, then you will have a binding contract as soon as you are notified of the offer’s acceptance.
If the sellers reject your offer, you are released of any obligation. The sellers can’t change their minds later and expect to bind you to a contract based on that offer.
If the sellers like most aspects of your offer, they may present a written counteroffer that includes the changes the sellers want to make. You are then free to accept their counteroffer, reject it, or make your own counteroffer to their counteroffer. This process can repeat itself as many times as it takes for you and the sellers to agree on the sales contract. At this point, negotiations are over and the terms of the sale are final. It is important to note that the negotiating process always moves forward; buyers cannot decide at a later time to accept a counteroffer that they previously rejected. If the property is still available, buyers start negotiations over by submitting a new offer.
Withdrawing and Offer
Can you take back an offer? In most cases the answer is yes, right up until the moment your offer is accepted. In some cases, you can withdraw an offer before you have been notified of its acceptance. If you want to withdraw your offer after acceptance, be sure to do so only after consulting a real estate attorney. You want to avoid losing your earnest money deposit or a lawsuit for damages the sellers incurred because of your actions.
For more information view the Questions and Answers on: Offer and Acceptance published by the NC Real Estate Commission.
Buyer Tip Videos
Visit my YouTube Channel’s “Home Buying Tips” playlists. There are many helpful home buying videos to watch.
More Home Buying Tips
If you planning to buy real estate in the Lake Norman area, make sure you understand what steps are involved in real estate contract negotiation. Learn what a Home Inspection should cover and what a Home Warranty covers. Find out what the goal of a final walk-through should be and what Buyer closing costs are and about the HUD-1.
Compare Lake Norman Towns
Moving to the Lake Norman area? No town has the same personalty. Which town matches your lifestyle? Compare these Lake Norman towns before you buy real estate – Cornelius, Davidson, Denver, Huntersville and Mooresville.
Living on Lake Norman
Find Lake Norman Information; the lake towns and counties on the lake. Whether you are purchasing Lake Norman waterfront real estate or planning on boating or fishing on Lake Norman you’ll want to know where there is lake access with boat ramps and marinas. You might even decide to join one of the many boating clubs on the lake.
Lake Norman Real Estate
Planning on home buying or selling a home in the lake area? Search MLS listings that are up-to-date and accurate for Lake Norman real estate for sale, Cornelius NC real estate, Davidson NC real estate, Denver NC real estate, Huntersville NC real estate and Mooresville NC real estate. Don’t forget to search Lake Norman waterfront property. In conclusion, you’ll need to compare these properties, the amenities they offer and the true costs of living in each town.
Useful Links & News
Don’t forget to view Lake Norman links for more information about the entire Charlotte region. Stay up-to-date on the Lake Norman housing trends. Consequently, these sales trends are just as important to home buyers as for home sellers to know.
Thank You for Visiting
The real estate in Lake Norman offers something for every lifestyle. Learn more about Robin A Puckett. Matching homes with lifestyles is the basis for Robin’s Lake Norman real estate business. Therefore, contact Robin if you have any questions.