Must I disclose the terms of other offers?
No, according to experts, sellers do not have to disclose the terms of other offers. You may disclose the existence of other offers, so that all parties are aware that they should be submitting their best offer.
Are there standard contingencies in an offer?
Yes, the four basic conditions in a purchase contract are financing, inspections, insurance and title.
Should I be flexible in granting contingencies?
That often depends on if you are in a buyer’s or a seller’s market, the condition of your home, the price you hope to get, how motivated you are to sell, as well as the quality and quantity of the offers you are getting.
Any conditions that are negotiated are written into your contract. Both the buyer and seller can place requirements on the table during the negotiation phase.
A frequently seen condition is regarding the sale and closing of the buyers home before they can purchase yours. Whether this requirement is reasonable, or even achievable, depends on the individuals involved. Financial capabilities usually play a major role in negotiations. Few people can afford to own two homes simultaneously, except for some all-cash buyers.
What do I do if my house isn’t getting activity?
Even in a slow market, price and condition are the two most important factors in selling a home.
If a home is not getting the activity it needs in order to sell it is probably because it is overpriced for the market. The first step is to lower the price. Then go through the house and see if there are cosmetic defects that you missed that can be repaired.
The second step is to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the Multiple Listing Service® system and internet.
A third option is to remove the home from the market and wait for overall housing conditions to improve and catch up to the price your asking.
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