• The sales contract must be accompanied by an earnest money deposit. If the sale goes through, this deposit will go toward the expenses you pay at closing. If the contract is accepted by the seller and you do not follow through with the transaction, you will forfeit your deposit.
• You may place contingencies in the contract that allow you to get out of the agreement in case you cannot get affordable financing or sell your current home.
• You may have an option period which provides you an opportunity to have the property inspected. If the inspection turns up problems, you may want to withdraw your offer or renegotiate the sales contract. This decision must be made during the option period. If you do nothing, the sale will proceed.
• If market conditions favor sellers (numerous quick sales, rising prices), you will probably have to offer an amount close to the asking price for the home. Otherwise, another buyer may outbid you. If, however, conditions favor buyers (homes stay on the market a long time, prices flat or falling), you may want to offer something much lower than the asking price and negotiate aggressively.
• Some sellers stand firm on price because they need a certain amount of money to pay off the old mortgage or they want to feel the home was a good investment. You may be able to make a good deal by conceding price and getting the seller to pay most of the closing costs, making extra repairs or including furniture or other items not normally sold with the home.
• Your original offer might not be accepted because the seller does not accept every detail. The seller may come back with a counter-offer with modifications of your offer (most often with a higher price). You may then want to provide another counteroffer. This procedure may go on until one party rejects or accepts the offer.
• The sales contract is signed by both seller and buyer. A closing is set for sometime in the future. In the meantime, you will need to arrange financing and complete all inspections of the home.

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Roianne Cox is a Multi-Million dollar producer for Coldwell Banker Barbara Sue Seal Properties in Vancouver Washington, Vancouver Square Branch. All web site page articles and original data copyrighted 2004 - 2010, authored by Roianne Cox, may not be reproduced, redistributed, copied, transmitted or used in any way without prior written permission from the author, Roianne Cox.

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