Our second part in this three part property management blog series on how to sell your home in Florida covers what happens once you receive an offer on your property. The first thing you need to do is consider the offer carefully. It could be 10 to 12 pages long.
Price, Terms, and Conditions
Go over the offer closely, and don’t just look at the price that they’re offering. Look at the terms and conditions as well. Do they want everything included in the price as seen on the day they viewed the property? Are they asking for funds towards their closing costs, and do they want you to provide a warranty? They might look for you to help pay for things like washers and dryers, or they may want yours. These things can all be included in the offer.
Discuss the Offer with Your Realtor
Your offer will also include stipulations such as the sale being subject to a home inspection, an appraisal, and a mortgage. So, receiving an offer is just the first step. Decide if you like the price. Usually the first offer is the best offer. The buyer may be getting a lot of money on financing and have little for a down payment. In such cases as these, the terms of the offer can be important. So, if full price is offered but closing costs are requested and you refuse to pay the closing costs, the deal may not fly. You can counter with an increased purchase price.
Go over this offer with your Realtor. An experienced agent will help you and advise you on what to offer back, and on what to accept and reject. Maybe you’ll just want to take the offer as-is.
Signing a Contract
Once you and the buyer agree on a price and terms, sign the contract as quickly as possible and get a copy to a title company. The title company will act as a closing agent. Some attorneys do it, but it’s customary to use a title company to close the transaction. They will ask if you have a mortgage, and they will collect other information from you such as your social security number and details about your HOA so they can facilitate the sale.
If the buyer cancels the contract because they didn’t like the inspection results or they couldn’t get financing, let it go. Sign off on giving them their deposit back and don’t delay. That will only take longer to get your home back on the market.