Selling your Santa Cruz home can be an exciting, yet frustrating process. Receiving an offer only to have it be too low or fall through can be disappointing and discouraging. While real estate contracts can vary across the country, be sure to take a hard look at the following sections before accepting an offer. Â
1. Purchase Price – This is what the buyer wants to pay. Your real estate agent can help you determine whether it’s a price you can negotiate on or the offer is too low and you should disregard it.
2. Earnest Money – Buyers put a deposit of earnest money into a third-party escrow account in good faith that the transaction will go through. The general rule is, the larger the deposit, the more serious the offer.
3. Financing – Your buyers’ method of financing is important because it tells you whether they have the cash up front or if they’re relying on a bank to approve a loan. If they have the cash, then you know the offer is good.
4. Closing Costs – Double-check this number to see if the buyer has asked you to cover any of his or her costs at closing. Based on the bid, you might want to consult with your realtor to see if this is reasonable.
5. Inclusions and Exclusions – You may have written into the contract items from your Santa Cruz home that you either wish to include in the sale, such as appliances, or that you want to take with you, like a special light fixture. Read this section carefully to make sure the buyer hasn’t added any other conditions.
6. Contingencies – Be sure to review these to make sure there is nothing out of the ordinary before agreeing to the terms of the contract.
7. Closing Date – Check to make sure that the closing date is realistic. It may not work with your schedule if they want to move in within a week or if they want to hold off on closing for months.
If you’re getting ready to put your Santa Cruz home on the market and would like additional advice about what makes an appealing offer, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com.
For additional real estate information, please visit my home page at www.MySantaCruzRealEstate.com.
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