Strike a Deal: So the homes been on the market, you’ve had some showings and you get an e-mail or a phone call from a buyer who states they want to buy your property! Yay!!! But before we break out the champagne we have to come to some terms, and get some things in writing. There are a few key components to a purchase that you need to be aware of.

1:] Purchase Price
2:] Deposit Amount
3:] Funding Style
4:] Inspection Requirements
5:] 3rd-Party Approvals
6:] Closing Date

It’s important to address these core terms of the purchase in the very beginning to avoid any “along the way issues.”

The reason we put things in writing at this point is to clarify the important terms of the contract, set proper expectations of the deal and to have a barometer about what’s supposed to be done & when.

Contrary to belief you don’t need a purchase contract to close a property. What you do need is an agreed upon price, the money to fund that agreed upon price and the proper recording of the sale in your county courthouse stating that party A has sold to party B.

That being said in 2017 and beyond it’s best to avoid the handshake deal & have a contract spell out the terms of your purchase. You can use websites like Legal Zoom & Easy Forms to do a contract yourself or use a real estate attorney/title company to draft and effect the contract.

Now, before you come to terms you negotiate right? Absolutely and a negotiation has to do with more than just price. The who, the how and the when you close all have dynamics in the real estate sale purchase.

The best real estate negotiations have two winners. I’ve designed the The Str8 Real Estate Selling Method & Market Place to create an environment of fairness and expect Str8 Real Estate Selling Method Buyers to offer fair prices. That being said don’t be surprised when any buyer attempts to be aggressive in their initial bid and gives you a low offer despite their ability to purchase a small country. It’s very very very important to not be offended at any legitimize purchase offer for your property. If you’ve priced your property right with some wiggle room, wiggle. If you’re price is your price stand firm. Any creditable offer should be responded to within 48hrs max, 72hrs if it’s a weekend and/or holiday.

Your initial negotiation and agreement should key into the points
1:] Purchase Price
2:] Deposit Amount
3:] Funding Style
4:] Inspection Requirements
5:] 3rd-Party Approvals
6:] Closing Date

Ideally you’ll use the Letter of Intent I provide on www.Str8ReaLestate.com/offer to get your initial terms agreed and then turn that form over to your attorney to create and complete a final purchase contract between you and your buyer.