Maria Abe June 10, 2019 Purchase Agreement
The appraisal of the new home – you must have the home appraised at a certain value to qualify for a mortgage. If, for some reason, the appraisal doesn’t match the purchase price, you may not be able to complete the transaction.
Closing costs are another potential point of negotiation in a real estate sale. Traditionally, these costs are split between the buyer and seller agreement. These expenses are significant and should not be overlooked.
Traditional items sold with the home include window treatments or built-in appliances. Sometimes, sellers are willing to include other items. If anything out of the ordinary is included (or excluded), it should be noted on the purchase and sale agreement.
If you need to sell your existing home to afford a new one, you should include this contingency in the agreement. This allows the seller to evaluate the strength of your offer, while providing you the opportunity to get out of the contract if your current home doesn’t sell within a certain time period.