Offer Review Offer Review Offer Review Offer # / Designation * Contract Date * Address * Address Address Address City City State/Province AlabamaAlaskaArkansasArizonaCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming State/Province Zip/Postal Zip/Postal Offer Price * Seller Concessions ($/%) * Is there an escalation clause? * Yes No Escalation increments / Max offer * Earnest Money Deposit * Earnest Money Due Days * Appraisal Gap Amount * Personal Property Refrigerator Stove/Oven Microwave Dishwasher Washer Dryer Window treatments Fireplace equipment Storage shed OtherOther Financing Type * Cash Conventional Loan FHA Loan VA Loan OtherOther Financing Status * Pre-approved with letter Proof of Funds Attached No Proof of Funds or Letter OtherOther Financing: Days to Apply * Financing: Days to receive final approval * Title Company * Title Insurance Requested * Yes No Who is paying for the title insurance? * Seller 100%Buyer 100%Buyer and Seller Split 50/50Seller pays $300 Inspections Requested * Yes No Inspections requested * General Home Inspection Termite Inspection Radon Test Well Water Test Septic Inspection Any recommended by inspector OtherOther Inspection Period * Period to negotiate any remedies or repairs * Does the buyer have to sell their home? * Yes No Status of buyers home to sell: * Not yet on the market.On Market: ActiveOn Market: ContingentOn Market: Pending Address of home to sell: Address of home to sell: Address of home to sell: Address of home to sell: City City State/Province State/Province Zip/Postal Zip/Postal Walkthrough Requested? * Yes No Walkthrough Details * Home Warranty Fee * Utility Hold * Closing Date * Possession At Closing * Yes No Possession Details * Commission ($ / %) * Estimate Seller Net * Offer Expiration Specified? * Yes No Date this offer expires * Time this offer expires * Status of Property Disclosures * (Click here to choose status of property disclosures)Buyer has signedAvailiable, but not signedNot available to signN/A Status of HOA (Homeowner's Assoc) Documents * (Click here to choose status of HOA documents)Buyer has signedAvailiable, but not signedNot available to signN/A Agency Disclosure * (Click here to choose status of agency disclosure)Buyer has signedAvailiable, but not signedNot available to signN/A Commission Addendum * (Click here to choose status of commission addendum)Buyer has signedAvailiable, but not signedNot available to signN/A Affiliated business Agreement * (Click here to choose status of affiliated business agreement)Buyer has signedAvailiable, but not signedNot available to signN/A Broker Notes 3-Day Attorney Review Additional Notes Approval amount not specified Backup Offer Cash Offer Closing date too far out - buyers hiding home sale Commission changed 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 Walkthrough Water Hold ⢠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 releast 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.  ⢠Please let us know if there are any items that are attached to the property, such as special light fixtures, landscaping elements, window treatments, or TV mounts, so we can ensure they are excluded from the contract. ⢠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. ⢠Buyer agent wants to use their in-house title company. Since the contract specifies that you are paying title fees, we do not recommend this as we have no control over their fees or any unexpected delays that would benefit the buyers. We strongly recommend using Associates Title since we have negotiated rates, have our own title team, and they will send a notary to you anytime, anywhere in the country to conduct the closing at no extra charge. ⢠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. ⢠The offer has a deadline. In our experience, offer deadlines are nearly always psychological and designed to rush the seller into a snap decision. In this market, keeping offers open for a longer period of time can be very beneficial in terms of multiple offers and maximizing your best offer terms from your strongest buyer. Also, it's highly unlikely the buyer will "fall out of love" with the property one minute after the deadline. ⢠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. ⢠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. ⢠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. ⢠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. The amount they are requesting is $ ⢠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. ⢠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. ⢠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. ⢠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. ⢠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 $ ⢠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. ⢠The buyer's agent has written in a 3% commission, which is higher than what you are offering in the MLS. We can renegotiate that, but I recommend waiting to attack the commission until and unless the commission becomes the only thing standing between you and the buyers. For now, let's focus on the overall estimated net price. If we attack the commission right away, we risk alienating the agent too early in the process. ⢠The earnest money deposit or EMD is below 1%. In the current market, we are experiencing a significant number of buyers with remorse. For this reason, I recommend requesting an EMD equal to 1% minimum, if this offer is accepted. ⢠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. ⢠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. ⢠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. ⢠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. ⢠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. ⢠Buyer selected "short" tax proration method, which saves you about 6 months of property taxes. ⢠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. ⢠Buyer is requesting a final walkthrough of the property before closing to ensure the property condition has not materially changed. ⢠The offer paperwork is incomplete. If you choose to accept this offer, the missing documents will need to be signed by all and added. ⢠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 Notes ⢠Submit If you are human, leave this field blank.
