Contract Negotiations – Process
Contract negotiations are the next step once you have found a property that’s right for you; starting with making an offer. What steps are involved in contract negotiations in a real estate purchase?
In contract negotiations often the main concern in a real estate purchase contract is the selling price of the home. Other factors also determine the net bottom line for the buyer and the seller. There is where contract negotiations come into play. Where is the bargain for a home buyer if he or she is paying all the closing costs? Does the seller really get his or her top price if the buyer wants all the furniture included in the purchase price? Review the Offer & Acceptance Brochure published by the NC Real Estate Commission.
Research and Planning
Depending on the Lake Norman market conditions, you may have to act quickly, before another buyer submits an offer. The best way to approach a home purchase is to have all the facts and have a negotiating plan. Current market prices are the most important factor. Your Lake Norman REALTOR can counsel you on market conditions, price ranges, comparable properties, and appropriate negotiating plan.
Submit an Offer
Before you write an offer you will want to review the Seller’s RESIDENTIAL PROPERTY AND OWNERS’ ASSOCIATION DISCLOSURE STATEMENT. It should be furnished to the Buyer; even from For Sale by Owners! In NC a real estate transactions require a written contract, which conveys an initial written offer. A check for earnest money usually accompanies an offer. Your offer will specify price, plus all the terms and conditions of the purchase you want to negotiate. Your REALTOR provides a valuable service by helping you use up-to-date NC Real Estate Forms and can explain the impact of various terms and conditions.
The Seller’s Response
Your offer is presented to the seller’s. The seller’s options are to:
Accept. If, in contract negotiations, after reviewing your written offer, the sellers sign their unconditional acceptance, then you will have a binding contract as soon as you are notified of the offer’s acceptance.
Reject. In contract negotiations, if the sellers reject your offer, you are released of any obligation. The sellers can’t change their minds later and expect to bind you to a contract based on that offer.
Counteroffer. In contract negotiations, if the sellers like most aspects of your offer, they may present a written counteroffer that includes the changes the sellers want to make. You are then free to accept their counter offer, reject it, or make your own counteroffer to their counteroffer. This process can repeat itself as many times as it takes for you and the sellers to agree on the sales contract. At this point, negotiations are over and the terms of the sale are final. It is important to note that the negotiating process always moves forward; buyers cannot decide at a later time to accept a counteroffer that they previously rejected. If the property is still available, buyers start negotiations over by submitting a new offer.
Withdrawing and Offer
Can you take back an offer? In most cases the answer is yes, right up until the moment your offer is accepted. In some cases, you can withdraw an offer before you have been notified of its acceptance. If you want to withdraw your offer after acceptance, be sure to do so only after consulting a real estate attorney. You want to avoid losing your earnest money deposit or a lawsuit for damages the sellers incurred because of your actions.
For more information view the Questions and Answers on: Offer and Acceptance published by the NC Real Estate Commission in regards to contract negotiations.
More Home Buying Tips
If you planning to buy real estate in the lake area, make sure you understand what steps are involved in real estate contract negotiations. Learn what a Home Inspection should cover and what a Home Warranty covers. Find out what the goal of a final walk-through should be and what Buyer closing costs are and about the HUD-1.
Buyer Tip Videos
Visit my YouTube Channel’s “Home Buying Tips” playlists. There are many helpful home buying videos to watch.
- Lake Norman Information
- Towns on Lake Norman
- Lake Norman Counties
- Waterfront Property Listings
- Boating on the Lake
- Lake Fishing
- Lake Norman Access
- Marinas on the Lake
- Lake Norman Boat Clubs
MLS Listings by Town
Search other real estate listings
News in Real Estate
Area Useful Links
You’ll find family fun; attractions & entertainment, cultural guide, event information, parks & recreation and clubs & organizations. For the latest on local sports from professional to t-ball visit the sports information and golf guide. For those of you that think shopping is a sport, visit the shopping guide. Because you care about your family find medical information and school information.
For additional business information you’ll want to look at NC information and political information. As a result, you can keep up with all the local events whether it’s for fun, business, local or national news on the media guide page.
Robin is a licensed as NC real estate agent. Robin works in the lake real estate market towns of Cornelius, Huntersville, Mooresville, Denver NC, Davidson and Charlotte NC. She will educate you and ensure you are taking advantage of the best market opportunities. Robin will also help you set realistic expectations. Furthermore, she will walk with you through the entire process. Home buyers can trust Robin to help them find a property of their dreams. Home sellers will receive unparalleled exposure to their listings. She will assist her clients in negotiating the best possible price. She will also do her part in keeping your transaction running smoothly! Ask her any general question about real estate in NC and around Lake Norman.
Thank You for Visiting Contract Negotiations
Lake Norman home buying offers something for every lifestyle. Matching homes with lifestyles is the basis for Robin’s real estate business. Most of all, contact Robin if you have any general questions.