Are you that uber organized person
who's waiting to receive an offer on your
home and want to be completely ready for
when it comes in, or have you received an
offer already, done the victory dance, the
party shuffle, and now saying: 'What
next? What do I do?'
Either way, we have the answers for you,
starting right now!
Hi! My name is Carolynn,
I'm a REALTOR® and a member of the
awesome and super fun Wise Move AZ
Team. We work in the North Phoenix
metropolitan area and our entire team
lives in and loves Anthem, where we focus
our real estate practice. If you haven't
done so already, consider subscribing by
clicking the subscribe button right
there, so you don't miss any of the great
information, great ideas, and other
terrific stuff we have just for you! So,
YAY! You've received an offer on your
house, how exciting and congratulations!
You're almost there. Iin today's video we're
going to give you some tools that will
help you know what to watch out for and
some helpful strategies for reacting to
and reviewing the offer. All of us
including REALTORS® tend to jump to the
purchase price first. That's a natural
knee-jerk reaction to receiving an offer.
Now we want you to take a step back and
read the entire document. We know, it's
tedious but do it! Then go over it, in detail
with your REALTOR®. The goal here is to
know and fully understand what the buyer
is offering. Here's what you're looking
for: #1: The purchase price. Okay, you did
that already, we get it! Was it above
asking price, below asking price, or right
on? #2: The earnest money. You may recall
from our previous videos or blogs that
the earnest money is an indicator of the
buyers commitment to purchasing your
home. It represents the money the
buyer will forfeit to you, if
they back out of the deal once all
contingencies are removed. #3: The type
of financing. If the buyer is borrowing
money to buy your home, is their
mortgage approval letter included with
the offer? What type of loan is it? Is it a
conventional, government insured, a jumbo
loan? If it's a cash offer, has 'Proof of
Funds' been included with the offer?
#4: Close of escrow and possession date. Does
the close of escrow match the possession
date, and if not, why not? How does it
affect you? Also, does the close of escrow
match your timeframe for moving out and
handing over possession? #5: Fixtures
and personal property that will
convey with the sale. Review these
sections carefully so that you're clear
on what the buyer is asking you to leave
behind when you go. #6: Warranties. Make
sure you understand the promises you're
making to the buyer and the promises the
buyer is making to you. #7: The
inspection period. Understand that in
Arizona the buyer has the right to
inspect your home, using as many
inspectors as they choose. It's your
responsibility to accommodate those
inspectors. #8: What additional
provisions has the buyer asked for?
Who's responsible for paying for the
appraisal, the homeowner association fees
and costs, including disclosure and
assessments? What about the home warranty?
#9: Response time. Make sure you don't
miss the deadline for getting back to
the buyer. Sometimes the deadline is very
short. Now that you have the whole
picture, there are some things we want
you to keep in mind. We get that you love
your home and there's a lot of emotion
in it for you, however, you do yourself no
favors if you allow emotion to control
your decisions. Selling your home is a
business transaction. I know these words
may sound harsh but they're a hard truth.
Despite the history
with your home and your emotional
attachment to it, it's about what your
home is worth on the market today,
without regard to what you paid for it,
how much you love it, how much you have
invested in it, but you're in control of
the process and have choices. Your
choices
boil down to these: #1: Accept the offer
as it is; you'll proceed to in the
inspection phase. #2: Reject the offer and
you'll be in the same position you were
in before you received it. #3:
Counter the offer. Our goal with this
video is to get you to look at the
entire offer, not just the sale price.
Revisit your net sheet and adjust it in
accordance with the offer or have your
REALTOR®, lender, or title company re-do
your net sheet for you. Then based on all
of the information you have, make an
informed decision on how you want to
proceed.
So, that's all I have for you today! If
you want more information on how to
handle an offer, or if you need help reading
or understanding your offer, or if you
want to stay up to date on all things Anthem,
subscribe to our Wise Move
AZ channel or visit us at
WiseMoveAZ.com.
Remember, if you or anyone you know is
looking to buy or sell their home, please
give us a cal!l It's always the right
time to make a wise move with the Wise
Move AZ Team. Thanks for watching!