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Hi Steve from Wilhelmy Homes here
Thanks for stopping by our site
Just wanted to chat a little bit today with sellers
About negotiations and counter offers
Which are a completely normal part of the selling process
It's to be expected
If you're following along with my blog series to sellers thus far
You've put your house on the market
It's looking great
You've had showings
And now you've got a buyer that's interested
They put in a purchase agreement
And you are looking through all the terms and conditions
And we're talking back and forth
I'm showing you comparables
And I tell you that I think it's a pretty good offer
You decide to go ahead and move forward on it
Now let's say the buyer conducts their inspection
The inspector finds some stuff that isn't necessarily 100%
And recommends some repairs
Then the buyer decides that they'd like the seller to take care of it
Here's how that plays out
The buyer's agent is going to send over a formal amendment
Over to me on behalf of the client I am representing
And the amendment is going to have the buyer's request
Let's consider it's something pretty significant like a furnace is short cycling
You have a couple of options as the seller
You could agree to fix it
And have a repair person come out
And fix it
And generally buyers like to see receipts from that to verify it got fixed
Then we consider it a cost of selling the house
Your other option is to do nothing
We can put it back on the buyers
And see how bad they want the house
Are they willing to accept it with this condition
That's a pretty extreme counter
But it's definitely an option
Sometimes you may not be able to fix
If you're short selling a house
There's just no money available
Unfortunately and a fix just might not be able to happen
That's something a buyer needs to be aware of that
The other thing you can do
And this is something that people don't always understand
Is that both parties in the contract have the ability to walk away from the contract
So if the buyers and sellers have agreed to everything
But then one of the parties asks for a change
Like the buyer asking the seller to spend $1,000 to fix a furnace
The sellers can say that they aren't interested and walk away
They can actually cancel the contract
A lot of the time, the buyers assume that if they get denied
That they can just go right back to the original contract that they already signed
But the seller does have the right to get rid of everything
And get rid of that buyer and start again
So, I always caution buyers that if they want to ask for a bunch of things
One of the options for the sellers is to say nope, their done
And they are going to go with a new buyer that showed up
So, you have to be aware of that
One of the tricky things of negotiating
That's also why you hire a real estate professional
Such as myself
To work for you and negotiate on your behalf
If you want to know more about the negotiation process
Or about buying and selling houses
Please reach out to me at 612-619-2638
Or shoot me an email at Steve@WilhelmyHomes.com
I'd love to chat with you
Have a great day