When you receive an offer on your home or property, we will meet or review it on the phone to discuss your negotiating strategy. It’s an important part of my job to understand in what context the offer has been made by the buyer, and to make sure that they have taken into account all existing circumstances regarding the condition of the home that were made known during the buyer’s casual viewing of the home. We want to manage the expectations of the buyer regarding conditional issues as it relates to price, to the extent practical, before their more formal professional inspections.
You want to do this to avoid having the buyer come back after inspections and ask for additional price concessions on issues that should already have been considered, because they were obvious and known before inspections. You as the seller should only have to consider further price concessions on conditional issues that could not be known on casual inspection. This is the reason disclosures regarding the age of the home’s building systems can be very helpful, such as age of roof, boiler or furnace, septic system etc.
It’s important to understand how the initial price agreed on between you and the buyer has been established, for the purchase offer could change if something significant is discovered that was not known before the home inspection. The buyer could ask for additional concessions on price; however, you are not obligated to concede on the price at this point. Once the buyer requests a different price, you technically no longer have a meeting of the minds and any agreement you had to sell your home to the buyer is no longer officially valid.
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