8. Contracts, Negotiation and Closing

Many Factors will Effect the Outcome

Most transactions involve a large amount of negotiation between buying and selling parties from initial offer to signed contract.  Buyers will typically submit an offer which will serve as your “starting point” in the negotiation.  It is incredibly important to at least consider every offer that comes in on your property as with the right negotiation, even “low ball” offers can turn into acceptable ones.  We at Chicago Home Partner will provide objectivity, experience and counsel every step of the way through closing.  Keep in mind that price isn’t the only part of the negotiation – and our duty to you as our sole responsibility is to counsel you on terms of sale that will make an offer more attractive. 

An overview of the most common elements of negotiation are:

1.  Price – Our knowledge of the current market is incredibly important in helping you negotiate this element of the sale.  By selecting and countering with specific comparable properties we are able to state our case for our asking price.  We will also assist you in considering time value of money in your decision, (will a higher offer offset potential additional carrying costs).

2.  Mortgage Contingency – Most buyers in the market today purchase a home subject to obtaining a mortgage.  The terms of this mortgage and a timeframe for securing financing must be stated in the contract before we consider negotiations.  We will make sure that we are comfortable with the terms and the buyer’s ability to obtain a mortgage before proceeding.  If a buyer cannot obtain a mortgage the contract will be void.

3.  Home Inspection – Almost all buyers will choose to conduct an inspection of your property by a licensed home inspector to identify potential structural or material problems.  If the inspector uncovers any issues, we must be ready to address these concerns and negotiate what items will be addressed, by whom, and who will be responsible for them.

4.  Attorney Approval – This is usually a week long period where both parties attorneys will review the contract and suggest alterations.  Upon attorney review, if the contract is not acceptable to either party, both have the option to cancel the contract.

5.  Closing Date – This is the date when the property will exchange ownership and usually the date where the seller must vacate the premises.  We will work hard to find a mutually agreed upon closing date and insert into the contract any special needs that you as the seller may have when closing.

Our goal is to serve as your trusted advisor and help lead you through this often-times confusing process.  When selling your home with us, please understand that our responsibility is 100% to you the seller and we will not engage in “dual agency” unless you are comfortable.  Please use the “Contact Chicago Home Partner” button above to inquire with any questions as to selling your home or otherwise.