When an offer comes in on your property.
REALTORS® shall submit offers and counter-offers objectively and as quickly as possible.
It’s possible you may be faced with multiple competing offers to purchase your property. There are various negotiating strategies for you to consider. For example, you can accept the “best” offer; you can inform all potential purchasers that other offers are “on the table” and invite them to make their “best” offer; you can “counter” one offer while putting the other offers to the side awaiting a decision on your counter-offer, or you can “counter” one offer and reject the others.
Items to Review
1) What is the offer amount?
2) How much is the buyer willing to put in escrow?
3) Is the buyer paying cash or will they need a loan? If they need a loan, do they have a pre-approval letter?
4) How many contingencies does the contract have?
5) What is the closing date and is the buyer flexible on this date?
6) Is the buyer willing to provide you with a leaseback?
7) Is this contract contingent on an appraisal?
8) Does the buyer needs to sell their home before they can buy yours?
In a seller's market, a competitive offer could include a large earnest-money deposit, a preapproval letter from a lender, extra time for the sellers to move out, or waived contingencies
About the Appraisal Process
Once you are under contract, the buyer’s lender will send out an appraiser to make sure the purchase price is in line with the property’s value.
Appraisals help guide mortgage terms.
The appraised value of a home is an important factor in the loan underwriting process. Although lenders may use the sale price to determine the amount of the mortgage they will offer, they generally only do so when the property is sold forless than the appraisal amount. Also, the loan-to-value ratio is based on the appraised value and helps lenders figure out how much money may be borrowed to purchase the property and under what terms. If the LTV is high, the lender is more likely to require the borrower to purchase private mortgage insurance.
The appraised value is not a concrete number.
Appraisals provide a professional opinion of value,but they aren’t an exact science. Appraisals maydiffer quite a bit depending on when they’re doneand who’s doing them. Changes in marketconditions also can dramatically alter appraisedvalue.
Appraisers use data from the recent past.
Appraisals are often considered somewhatbackward-looking because they use sold datafrom comparable properties (often nicknamed“comps”) to help come up with a reasonable price.
Why do I need an attorney?
South Carolina considers the conducting of a real estate closing the practice of law, which only an attorney can do. South Carolina is one of several states that require a real estate attorney to be involved, but it's one of just a select few that mandate the attorney bephysically present at the closing. When you hire your lawyer, you'll work closely with them to set a closing date that allows all parties to be present.
What information will they need?
The seller will need to provide all necessary contact information, loan servicing and payoff information, home owners association information, including proof of paid fees, and new forwarding address