Offer Review Property / Price / EMDOffer # / Designation(Required)Contract Date(Required) MM slash DD slash YYYY Address(Required)Offer Price(Required)Seller Concessions ($/%)(Required)Is there an escalation clause?(Required) Yes No Escalation increments / Max offerEarnest Money DepositEarnest Money Due DaysAppraisal Gap AmountPersonal PropertyPersonal Property(Required) Refrigerator Stove/Oven Microwave Dishwasher Washer Dryer Window treatments Fireplace equipment Storage shed None Other Select AllOther Personal PropertyFinancingFinancing Type(Required) Cash Conventional Loan FHA Loan VA Loan Other Financing: Days to ApplyFinancing: Days to receive final approvalFinancing Status(Required) Pre-approved with letter Proof of Funds Attached No Proof of Funds or Letter Other Title informationTitle Company(Required)Title Insurance Requested(Required) Yes No Who is paying for the title insurance?Seller 100%Buyer 100%Buyer and Seller Split 50/50Seller pays $300InspectionsInspections Requested(Required) Yes No Inspections requested General Home Inspection Termite Inspection Radon Test Well Water Test Septic Inspection Any recommended by inspector Other None Other inspections requested(Required)Inspection PeriodPeriod to negotiate any remedies or repairsHome SaleDoes the buyer have to sell their home? Yes No Status of buyers home to sell:Not yet on the market.On Market: ActiveOn Market: ContingentOn Market: PendingAddress of home to sellOther ChargesHome Warranty Fee(Required)Utility Hold(Required)Commission ($ / %)(Required)Walkthrough / Closing / PossessionWalkthrough Requested?(Required) Yes No Walkthrough DetailsClosing Date(Required) MM slash DD slash YYYY Possession At Closing Yes No Possession DetailsSeller Net / ExpirationEstimate Seller Net(Required)Offer Expiration Specified? Yes No Date this offer expiresTime this offer expiresAddenda / NotesStatus of Property DisclosuresBuyer has signedAvailiable, but not signedNot available to signN/AAgency DisclosureBuyer has signedAvailiable, but not signedNot available to signN/AStatus of HOA DocumentsBuyer has signedAvailiable, but not signedNot available to signN/AAffiliated business AgreementBuyer has signedAvailiable, but not signedNot available to signN/ABroker Notes 3-Day Attorney Review Additional Notes Approval amount not specified Backup Offer Cash Offer Closing date too far out - buyers hiding home sale EMD below 1% Escalation - No other offers Escalation - Triggered by multiples HOA clause Home of Choice Inspections Waived Lowball Offer Missing documents(s) Multiple offers Offer is above list price Personal Property Point of Sale Remedy waived Short Tax Proration Title company issue Title Company Recommendation - ABA Title Company Recommendation - No ABA Walkthrough Water Hold Commission Seller Concessions Home Warranty Commission⢠The buyers are asking you to pay their agent's commission. It's on the net sheet. If we're close on price, but the commission is the problem, we can attack it then. Otherwise, we risk making an enemy of the buyer's agent which could kill the deal.Backup Offer⢠This offer is a BACKUP offer. It has no effect on your current contract. This offer, should you accept it, only serves as insurance in case anything happens to cause your current contract to fall through. If that happens, once we have mutual release signed with the first buyer, this contract would take the place of the first contract and we can begin the closing process. If the first buyer goes the distance, this offer simply goes away at closing.  Personal Property⢠Please let us know if there are any items, such as appliances, special light fixtures, landscaping elements, window treatments, or TV mounts, so we can ensure they are excluded from the contract.Low offer⢠This offer is an extremely low offer. You may be tempted to ignore it, but my advice is to at least engage the buyer. We can do this with a sensible counter offer. To do that, you could send them a price that is not the list price but is a price you would be willing to accept. If they reject your counter offer, so be it and you are no worse off. Title Company Recommendation - ABA⢠The buyer's agent wants to use the title company they are connected to through a business deal. These companies often focus on helping the buyer, which can lead to higher fees, slower service, and less communication with you. ⢠We recommend Associates Title instead. They offer significantly lower fees, better service, and secure systems to protect your personal and banking information. Choosing a seller-friendly title company like Associates Title can save you money and make the closing process smoother.Title Company Recommendation - No ABA⢠The buyer's agent wants to choose a title company that's friendly with their brokerage. ⢠These companies often focus on helping the buyer, which can often lead to higher fees, slower service, and less communication with you. ⢠We recommend Associates Title instead. They offer significantly lower fees, better service, and secure systems to protect your personal and banking information. Choosing a seller-friendly title company like Associates Title can save you money and make the closing process smoother.Multiple Offers⢠This offer puts you into multiple offers. At this juncture, you have the option of negotiating with each buyer individually until we reach a meeting of the minds with your best buyer. From there, we would work to secure one or more backup offers for you. The alternative is to announce "Highest and Best" by a certain deadline, normally no more than a day or two from now. This move carries an inherent risk--certain buyers may choose to walk away, rather than get involved in a bidding war. The upside is that the situation may spur buyers to offer more than they would initially. The choice is yours because the risks and rewards, in our experience, are essentially even. If we don't hear otherwise, we will not announce a deadline and will continue to work with each buyer individually. Offer Deadline⢠The offer has a deadline. Remember, unless you intend to accept this offer exactly as it is written, this deadline has no bearing as any counteroffer makes this offer void as we negotiate a new offer. Additionally, in our experience, offer deadlines are nearly always psychological and designed to rush the seller into a snap decision. It's highly unlikely the buyer will "fall out of love" with the property one minute after the deadline. Over List Price⢠Offer is above list price. This situation increases the likelihood of the appraisal coming in lower than the contract price. I strongly recommend we ask the buyers to agree to make up any difference in value from a short appraisal by bringing additional cash to closing to avoid having to lower the price to match a low appraisal. Appraisal Gap Coverage⢠Buyers are offering $10,000 in appraisal gap coverage. This means, if the appraisal comes back lower than the purchase price, the buyers agree to pay the difference up to $10,000, but not to exceed the purchase price. Attorney Review⢠Offer contains a 3-day attorney review wherein either party may rescind the offer with written notice. This is a practical "get out of this offer" clause. There is no changing it, but I want you to know all of the ways the buyer can escape. Buyer Requests Closing Cost⢠Buyers are asking you to pay part of their closing costs. This amount is in addition to you regular closing costs. This means the buyer is conserving cash by financing a portion of their closing costs. The only way to legally do that is to "have the seller" pay them. Focus on your bottom line. If we run into an appraisal issue or inspection issue, just know that this buyer is likely unable to use any cash to solve it. Waived Inspection⢠This buyer has WAIVED INSPECTIONS. This clause significantly increases the strength of this offer. 70% of all deals that fall apart, happen during the inspection process. As a seller, it would be difficult to overlook this offer. Waived Remedy⢠Buyers are waiving the inspection remedy period. This means the buyers will only be giving a simple "Yes" or "No" on whether or not they will be moving forward. They will not ask for repairs, but they can still cancel the contract if they are unhappy with the inspection results. Cash Offer⢠This is an ALL cash offer, which means we avoid any delays or issues with appraisal amounts. Additionally, all-cash buyers tend to be less concerned with minor issues found during the inspection phase. I would personally be very hard-pressed to pass on a cash offer vs an offer involving a lender, underwriter, and appraiser. Escalation Untriggered⢠This offer contains an escalation clause, but at the present time, we have no other offers that would trigger the escalation. If that changes, I will recalculate the financial net sheet for you. As it stands, I am using their offer price for all calculations. Escalation Triggered⢠This offer contains an escalation clause, which has been triggered by another offer. Therefore I have used the escalated price to calculate your financial net sheet. If anything else should trigger a higher price, I will recalculate your net sheet at that time and resubmit it to you. Currently, we are using the escalated price of $ Home Sale Contingency⢠This offer is contingent upon the sale and closing of the buyer's home. This presents a number of challenges; chiefly that we must now contend with two sets of inspections, two appraisals, etc. This contingency significantly weakens this offer, just so you are aware. EM under 1%⢠The buyerâs Earnest Money Deposit (EMD) is under 1% of the offer price. EMD is like a security depositâit belongs to the buyer and is held by the title company or Buyer's Broker. At closing, it goes toward the buyerâs down payment. If the deal falls through, we will try to get it, but itâs not guaranteed. The purpose of EMD is to make sure the buyer is serious and wonât back out for no reason. Lately, weâve seen more buyers get cold feet, so we should ask for at least 1% EMD.Hoa Documents⢠Contract states we have 5 days to provide the purchaser with complete copies of all HOA documents. The purchaser then has 7 additional days to approve or decline. This presents one of the easiest exits for a buyer with cold feet so we need to take care of this as soon as possible. Home Warranty⢠Buyer requests a home warranty to be paid for by you to cover the mechanical issues in the home that may arise after closing. This is on your estimated net sheet and is only paid for at closing. We will handle the details of this item. Long Closing Date⢠The extended time between now and closing is not unheard of but could be a way for the buyers to hide the fact that they have a home to sell. There is no indication that the buyers have to sell their home to close on your home but to be on the safe side, I am asking their lender to confirm either way in writing. I will keep you updated as I get more information on this. For now, we will assume they are being truthful that they can close without selling their current home. No approval amount⢠The letter does not specify an approval amount so I have requested this from the lender directly. If this is the winning offer, we will want that in writing from the lender, not the agent. Point of Sale⢠Contract specifies the seller is responsible for contacting the city/village to request a "Point of Sale" inspection certificate. The seller is the only party that may request this inspection. The city/village will instruct the seller further. Once the certificate has been issued, it will need to be forwarded to me and/or the title company prior to closing. Short Tax⢠Buyer selected "short" tax proration method, which saves you about 6 months of property taxes. Utility Hold⢠Contract contains a clause stating the title company is to withhold funds to ensure all final utility bills are paid prior to closing. Once the title company verifies all utility bills are paid, any leftover funds will be returned to you. This credit may happen before or after closing. Final Walkthrough⢠Buyer is requesting a final walkthrough of the property before closing to ensure the property condition has not materially changed. Offer Paperwork incomplete⢠The offer paperwork is incomplete. If you choose to accept this offer, the missing documents will need to be signed by all and added. Seller needs to sell home⢠If you have not already secured your next home, let us know so we can include language protecting you from becoming homeless. We can add a contingency that ensures you have secured housing before we close. Additional Notesâ˘
