This is where we investigate the selling history of the home and the price relative to the market. To do this, an assessment of the current homes on the market and properties that have recently sold will be done. This is where our negotiating power is determined.
In addition to the standard terms that will be reviewed with you when preparing the offer, you can add in other Clauses (terms) as part of your offer. If they are agreed to, these become binding and need to be upheld.
Conditions can be added by the buyer or the seller: these are Clauses in the contract that must be fulfilled in order for the transaction to proceed. Common conditions may include a home inspection or approval of financing. The buyer or seller is given a limited time frame to fulfill the Conditions (typically 7-10 days). If the Conditions are not satisfactorily met, both parties may walk away from the contract without penalty and with no further obligation (the buyer’s deposit cheque is returned).
When writing an offer, it is required to have a deposit in the form of a cheque. This demonstrates willingness to provide a faithful transaction and is fully refundable if Conditions on the purchase contract are not satisfied.
The offer price is determined by the many variables that apply in the specific case of the property being purchased. Sometimes, there is a unique way to meet the seller’s needs and still achieve your goals; this is where the services of an experienced Realtor can really help.