photo credit: desi.italy
Most home purchases are not entirely straight forward with a dollar amount being the end all of the negotiations. Most people add some contingencies to secure they are getting exactly what they bargained for. Some home sale contracts require inspections or repairs within a set number of days or the deal will not be finalized.
Another common contingency is related to finances. Your deal will typically not go through if your final loan amount is not approved. This contingency is meant to protect both the seller and the buyer. Your seller obviously cannot sell a home if you can’t afford to buy it and you don’t want to get yourself in a financial bind with a home you can’t afford.
The counter offer can also be full of clauses, if the seller doesn’t like your price, you can raise the amount but then ask them to do something in return. You could have them include some repairs you were going to do, ask if they’ll throw in the piano, you can ask just about anything as long as its reasonable and the seller is likely to comply.
The key is to remember that the offer to purchase a home is just a starting point and you have a lot of flexibility between that first offer and the final sales contract.
Tags: Counter Offer, Home Buying, Sales Contract, finance
