It has come to my attention that the devil is in the details. Selling a home seemed pretty easy in the 1990's. I had one transaction that lasted 10 counters but for the most part the negotiations tend to end at around 2 or 3. It is safe to assume that after two counters both of the parties seem to be somewhat emotionally bought into the process. After the 4th counter people tend to get angry. After the 6th counter the REALTORS typically need shot!! Just kidding of course!
On April 28th I started the process of negotiations on a home in Indianapolis. It seemed to be a bit trivial since the buyer was way off the price mark. However, the deal was signed off today-9 days and 7 counter offers later! Because of the changes in the lending/lender environment I have started to incorporate a few updates to the traditional clauses. I need an appraisal done NOW!! I will NOT give possession at closing (unless the home is not occupied of course). I won't take the home off the market without a preapproval backed up with a few phone calls. And, inspections are to take place AFTER the appraisal is completed.
It seems as though the value of homes today are not based on market value or what someone will pay for the home. We are now faced with prices that may be substantiated by the appraiser. Do you have anything that you added to your contract? If so, let me know! I would love to hear your ideas!
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