Prepare For Your Offer(s) Review
You may have many questions when it comes to reviewing your offer(s). To best prepare you for our phone consultation, here is some information that may help you better understand.
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How Long Will The Offer Review Take
Depending on how many questions the seller has and how many offers there are to review, it can take anywhere between 30 minutes to 1 hour.
Contingencies Explained
There are many types of contingencies in the contract, but there are 3 common contingencies. Yes, Listed Simply will be there every step of the way to advise and negotiate on your behalf.
Inspection Contingencies
Buyers will hire a home inspector to inspect the home for any issues and get recommendations on how to remediate the home's problems (if any). Buyers then have the opportunity to negotiate with the seller on repairs. The standard contract language gives the buyer 21 days to get their financing approved.
Financing Contingency
This contingency gives the buyer time to apply for and receive a loan in order to purchase the home. It says that, if for some reason, the buyer is unable to receive financing, they have the right to look for alternative sources or to back out of the sale. The standard contract language gives the buyer 21 days to get their financing approved.
Appraisal Contingency
The appraisal contingency goes hand-in-hand with the financing contingency. In fact, receiving a satisfactory appraisal is usually one of the conditions that the mortgage company has for granting the buyer a loan. Remember, an appraisal determines the fair market value of the home. The appraisal contingency ensures that the buyer is protected if the appraisal price doesn't fall in line with the negotiated sale price. The standard contract language gives the buyer 17 days to get the appraisal. If the appraisal comes in lower then the purchase price, the difference in prices becomes negotiable between buyer and seller.
Counter Offers
It’s possible you may be faced with multiple competing offers to purchase your property. Listed Simply will explain various negotiating strategies for you to consider. For example; you can accept the “best” offer, you can inform all potential purchasers that other offers are “on the table” and invite them to make their “best” offer, you can “counter” one offer while putting the other offers to the side awaiting a decision on your counter-offer, or you can “counter” one offer and reject the others. Listed Simply will review your specific situation with you and proceed with the best strategy that you are comfortable with.
The Seller's Role In The Transaction
Now that Listed Simply will be your legal representation, we will take on a majority of the workload on your behalf. We ask that you do not contact the buyer agent directly as our contract experts work with all parties of the transaction such as; buyer agents, escrow officers, title officers, appraisers, lenders and others. Here are a few things you'll need to do.
1. We will provide you with all the disclosures needed, you will need to fill them out to the best of your knowledge.
2. We will coordinate dates and times for the buyers to do their home inspection and appraisal.
3. You will receive documents to sign from Listed Simply (your representation) and from the escrow company. The documents from Listed Simply and Escrow are different.
4. Never sign anything that comes directly from anyone besides Listed Simply and Escrow.
Listed Simply's Role In The Transaction
Listed Simply will be in charge of tracking all timelines of the contract. Our contract experts will make sure the buyers are performing per the contract, draft any addendums needed and guide you through the transaction.
Listed Simply and your dedicated contract expert will be there by your side throughout the transaction to help you make decisions and help negotiate when the time comes. We do hundreds of transactions annually and know what is standard and what can be negotiated on your behalf.
Listed Simply Compliance
Listed Simply is a professional brokerage that has compliance and insurance that protect you. It's our responsibility to maintain compliance to ensure the correct documents have been filled out and signed by all parties.
After closing, this comprehensive record of the transaction is archived with Listed Simply, so if an auditor requests the records for a transaction, the complete set of documents can be accessed within seconds. We will also provide you a full set of transaction documents through Dropbox upon request.
Errors & Omissions Insurance
Listed Simply carries Errors and omissions insurance, also known as E&O insurance and professional liability insurance. In short, if a claim was made against you or Listed Simply, the E&O insurance would kick in and cover costs such as court costs or settlements up to a certain amount. Enjoy peace of mind when working with Listed Simply.
