negotiating

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WHEN AN OFFER IS RECEIVED WHEN AN OFFER IS RECEIVED SIX STEPS TO A SMOOTH CLOSING 1. Presenting the offer I will contact you immediately to arrange a meeting to review the offer. It is usually best to meet as soon as possible. I may not be aware of the terms of the offer when I call. I will have all the details when I present the offer. 2. Options to consider Accept the offer exactly as it is made, and your house is sold. Make a counter proposal so that the offer is acceptable to you. Reject the offer and wait for another offer. 3. Delivery of the contract A copy of the finalized contract will be delivered to you and the buyer. All pertinent legal documents can be delivered to your attorney, if you desire. 4. Mortgage processing If financing will be provided by a lender, it is the buyer’s responsibility to make an application for the mortgage loan. The buyer will have a set number of days to procure the loan, as stated in the contract. The lending institution will verify the buyer’s credit, work records and determine his/her ability to meet the financial obligations of a mortgage. The lending institution orders an appraisal to determine the home’s value for mortgage purposes. When all of the information is received, the mortgage company will approve/disapprove the loan. 5. Preparing for closing: When the loan is approved, more legal work will be necessary. title insurance will be ordered a survey of the property will be required. When all the paperwork is in order, the time & place of closing will be agreed upon by all parties. Prior to the time of closing, the buyer will request a physical inspection of the house. The buyers may or may not be accompanied by a property inspector, whom they have engaged at their expense. 6. The closing (or settlement) All documents finalizing the sale will be signed by all parties and all funds will be disbursed. Most closings take about an hour to complete.

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Page 1: Negotiating

WHEN AN OFFER IS RECEIVEDWHEN AN OFFER IS RECEIVED

SIX STEPS TO A SMOOTH CLOSING

1. Presenting the offer ♦ I will contact you immediately to arrange a meeting to review the offer.♦ It is usually best to meet as soon as possible.♦ I may not be aware of the terms of the offer when I call.♦ I will have all the details when I present the offer.

2. Options to consider♦ Accept the offer exactly as it is made, and your house is sold.♦ Make a counter proposal so that the offer is acceptable to you.♦ Reject the offer and wait for another offer.

3. Delivery of the contract♦ A copy of the finalized contract will be delivered to you and the buyer.♦ All pertinent legal documents can be delivered to your attorney, if you desire.

4. Mortgage processing♦ If financing will be provided by a lender, it is the buyer’s responsibility to make an application for

the mortgage loan.♦ The buyer will have a set number of days to procure the loan, as stated in the contract. ♦ The lending institution will verify the buyer’s credit, work records and determine his/her ability to

meet the financial obligations of a mortgage.

♦ The lending institution orders an appraisal to determine the home’s value for mortgage purposes.

♦ When all of the information is received, the mortgage company will approve/disapprove the loan.

5. Preparing for closing:♦ When the loan is approved, more legal work will be necessary.

title insurance will be ordered a survey of the property will be required.

♦ When all the paperwork is in order, the time & place of closing will be agreed upon by all parties. ♦ Prior to the time of closing, the buyer will request a physical inspection of the house.♦ The buyers may or may not be accompanied by a property inspector, whom they have engaged

at their expense.

6. The closing (or settlement)♦ All documents finalizing the sale will be signed by all parties and all funds will be disbursed.♦ Most closings take about an hour to complete.

Page 2: Negotiating

♦ Keys will be delivered to the buyer at the closing, or whenever possession of the property has been agreed upon according to the contract.