CHAPTER 11 The Purchase Off chase Offer Contr er Contract Process
It used to be fairly common that the buyer's agent would come into the listing agent's office to present the buyers offer in person to both the listing agent and the seller. The buyer's agent would present the offer then the listing agent would ask some questions if there were some clarifications needed. Questions like "why do you need 15 days to remove a property contingency or why do you need 28 days to remove a loan contingency?". After the questions then the buyer's agent would leave, and the listing agent would discuss with the seller how to respond to the offer. Typically, now the contract is delivered by email, listing agent discusses the offer with the seller, listing agent calls or emails buyer's agent if there are any questions then a response is sent to the buyer's agent via email. The listing agent will typically go over the purchase contract before receiving any offers to determine what are acceptable terms to the seller. Some of the terms can be relayed to the buyer's agent before they write an offer and some terms should not be relayed for negotiating purposes. For example, if the seller absolutely needs a rent back, then that should be relayed before the buyer writes an offer. At times purchase offers will require a counteroffer by the seller and sometimes multiple counteroffers go back and forth before acceptance or rejection. This negotiating process may take multiple days. So be prepared and let the process work, all you can do is negotiate smart and in good faith.
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