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Congratulations! You’re under contract.
The buyer has 3 days to deliver the earnest money and option money to the title company. The earnest money places the property in escrow and serves as the buyer’s good faith deposit. The option money is their fee to buy a specific number of days to conduct an inspection and negotiate repairs.
Inspection Day
Recommend you are not home during the inspection.
Inspection Report and Repair Amendment
Remember the inspector’s job is to find everything wrong with the house. They’re literally paid to do that, so do not stress when we receive an 85-Page report. Focus on items that you will/will not repair. Don’t look at the number, look at the severity and realistic expectations. Would you buy a home at this price if x was wrong with it? That’s a great place to start. Let’s talk about the rest.
Negotiations
We must negotiate within the option period timeframe. If we need more time to negotiate, then we may have to request an extension. Upon receiving the repair amendment, you have a few choices:
– Agree to the repairs
– Counter with partial repairs
– Counter with money in lieu of repairs
– Counter with no repairs
Vendor List
Visit our Vendor List if you need a recommendation for repairs. Interviewing, negotiating prices, payment, etc. are solely between you and the contractor.
Repairs
Unless otherwise agreed to, repairs must be completed by a licensed professional. If you’re going to do repairs let us know so we can put that in the repair amendment.
Hurry up and wait
Once we’ve negotiated repairs and we’re just waiting on the appraisal to come back, we’re in a long holding pattern. This can take upwards of 3 weeks! I know. Unfortunately, we do not control this phase of the process, but we are working diligently to move this along as quickly as possible.
Appraisal is back!
If the appraisal comes back at value, there’s nothing for us to do; just get ready for closing. If the appraisal comes in at a lower value, we can:
– Agree to lower the sales price to the appraisal value
– Counter to find a medium that’s lower than the contract price and higher than the appraisal value, sort of a meet in the middle
– Counter that the sales price is firm, buyer must pay additional costs out of pocket or terminate the contract
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By digitally signing this form you are providing with your express written consent to send you business and marketing communications via text messages (SMS), email, and by calls or prerecorded messages dialed by a natural person or by an automatic or automated telephone dialing system. This express written consent applies to each such email address or telephone number that you provide to us now or in the future and permits such communications regardless of their purpose, unless you opt out of SMS marketing communication when submitting this form. Consent not required to register. Message frequency varies, message and data rates may apply. Text STOP to cancel, call for help.
