Contract Negotiations
When an offer is received, the listing REALTOR® will be
notified by telephone, in person or by fax by the Selling REALTOR®
Contracts may be negotiated in person, over the telephone or via FAX.
Sellers and Buyers SHOULD READ ALL CONTRACTS BEFORE SIGNING THEM!
Your associate will call to set up an appointment to present the contract to
you. If the property is officially recorded with more than one owner
indicated, all owners must sign the purchase agreement. In reviewing
contracts, remember, neither good or bad economic times last. In bad
economic times, offers to purchase routinely come in 'low' whereas in good
economic times, offers are closer to asking price. DO NOT BE OFFENDED
BY ANY OFFER RECEIVED. Be offended by Buyers who tour your property
and DO NOT submit an offer. There are four responses that can be made on
an offer to purchase:
1. Acceptance. Congratulations, you have told
the buyer, that you will sell the home to them under the terms and conditions
set forth in their offer to purchase.
2. Rejection. Rejection is not a good route
to take when an offer is submitted, it means that you are rejecting all of the
terms and conditions in the offer, back to square one.
3. Counter Offer. A much better route to go
than rejection. This occurs when some, but not all terms are acceptable,
and you wish to 'offer' the buyer 'your' terms and conditions.
4. No Action. If no action is taken on a
contract on or before the specified time for expiration, it is basically
considered rejected.
IMPORTANT NOTE: Whenever ANY change is made on a
contract, that contract as originally written no longer exists and the contract
as amended is now your 'offer to sell' to the buyer. Once a change is
made, no matter how slight, the Buyer has absolutely no obligation or
responsibility regarding the original contract.
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