Once your house is on the market, it’s easy to daydream about getting that call from Christine saying you’ve got an offer. It’s truly an exciting moment and most people focus first and foremost on the price, understandably! It’s worthwhile to think ahead a about what OTHER terms are in that offer aside from the price. After all, selling your home is more than just agreeing on a price – it’s about understanding the entire package.
Inspection Period
This is the time frame, typically 7 to 14 days in Florida, during which the buyer can thoroughly examine your property. It’s their chance to uncover any potential issues and negotiate repairs or price adjustments. Remember, in Sarasota, the default inspection period is actually 15 calendar days unless otherwise specified.
Closing Date
This is the day you’ll hand over the keys and receive your proceeds. A buyer’s proposed closing date can impact your moving plans, so consider it carefully. If you need to stay in your house beyond the closing date, this is the time to negotiate how many days you’ll need.
Financing vs. Cash
Is your buyer paying cash or seeking financing? Cash offers often close faster and with fewer hurdles, but don’t discount financed offers. Christine will ensure any potential buyers that are financing have submitted a pre-approval letter from a reputable lender. If the buyer is planning to pay in cash, Christine will ensure they have provided proof of funds.
Escrow Deposit
This good faith deposit, typically 1-3% of the purchase price, shows the buyer is serious. A larger deposit can indicate a more committed buyer, potentially giving you peace of mind during the transaction. These funds are due from the seller typically 3 days after the contract is agreed upon by both parties, and it is held at the title company until closing.
Why These Terms Matter
Understanding these terms helps you evaluate the strength and likelihood of the deal closing smoothly. A solid offer combines a fair price with terms that align with your needs and timeline. Each home sale is different and Christine will work to identify any specific needs you have that will need to be negotiated and written into the contract terms.
Remember, selling your Sarasota home is a big decision, and you don’t have to navigate it alone. If you’re considering selling or need advice on evaluating offers, don’t hesitate to reach out to Christine Pope. She’s here to help you understand the nuances of each offer and guide you towards the best decision for your unique situation. After all, in the sunny world of Sarasota real estate, knowledge isn’t just power – it’s the key to a successful and stress-free sale.