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The Key To Your New Home

CONTRACT

GUIDELINES SETTING THE STANDARD

Negotiating power how real estate is bought and sold today, helping to position our clients to have the upper hand provided our 12 guidelines when faced in a negotiating battle.

NEGOTIATING THE PURCHASE CONTRACT

POINTS OF NEGOTIATION

 

Price
Buyers don’t want to overpay or price themselves out of a resale in the future, while sellers want to make sure the deal makes sense for their financial plan.
 
Closing Cost
Buyers have to pay prepaid closing costs for their mortgage, which is money that the mortgage lender holds in escrow, for items like taxes and insurance. A buyer may ask a seller to pay a flat dollar amount toward their closing costs, or up to a percentage for what’s an allowable contribution for a lender. If [a buyer] asks the seller to make a concession on [his or her] behalf, they’re likely going to have to pay a higher asking price.
Closing Date
Sellers can negotiate for speed when they need to get their capital out of the home fast; and closing dates will affect buyers' monthly cash flow once they own the home. Keep in mind, when a buyer closes on the house, they skip the next month’s mortgage payment. Maybe they want to close at the beginning of a month so they skip the next month.
Financing Contingencies
Sellers don’t like to tie up their property for 30 or 60 days, which is what’s required when there’s a financing contingency in place .Buyers competing with all cash offers need to figure out if they can drop the financing contingency, which will shorten their closing time line. Buyers can do this by having their mortgage fully approved prior to making an offer. That pre-approval shows that their finances are in order and they can afford the property.
 
Home Warranty
A buyer can ask for a home warranty, or a seller can offer one. This protection plan covers the home’s appliances and systems, like the air-conditioning and hot water heater, in the event these things break or need repair.
Leaseback
The process of moving into a new home can be highly stressful and labour intensive. “If a seller needs a little extra time to get into their new home, [buyers can] offer a zero-cost rent-back for 30 to 90 days to entice the seller to accept the offer over others. Peace of mind is a valuable negotiating tactic
Home Repairs
Buyers also have a ton of room to negotiate when a home needs a lot of updating. When a home is out-of-date with appliances that don’t work, popcorn ceilings or cracked pool foundations, for example, a buyer can ask for a lower price because of the cost to bring the home back to today’s standards. Sellers can also specify that their house is being sold “as is” and that they won’ t make any repairs.
Appraisal Contingency
If the buyer’s getting a mortgage, [the seller] could push for the buyer to waive the appraisal contingency. But then they have to make good on the amount of cash to close, If for some reason  the appraisal falls short and the bank will lend them [only] so much money based on an appraised value.
Furniture
Personal property like patio furniture, chandeliers, window treatments and cabinets, is also up for grabs. If the buyer wants all the furniture, it becomes very much of a trade off and compromise between what everybody wants. Whatever’s excluded needs to be stated when the contract is finalized.
Appliances
The stove, dishwasher, microwave and any built-in appliances may come with the property, but not the washer, dryer and refrigerator. In different markets, people don’t always convey every appliance - they don’t want to give it all away. They want to see how the negotiation goes.
Inspection
While waiving an inspection often comes with "buyer’s remorse," buyers can try to shorten the time frame for an inspection, from 10 days to five.
Condo / Co-Op Assessments
These are used to maintain the building’s common areas, like the roof or aesthetic improvements, and sellers typically need to settle if there’s an open assessment. That becomes a negotiation between the seller and the buyer.

THINKING OF SELLING

Selling your home can be very overwhelming if you try to go at it alone.  There is so much thought, knowledge and preparation that goes into a successful home selling campaign. We will be your resourceful guide through every step. 

QUALITY DATA YOU CAN TRUST AND RELY ON

 

Home Valuation. What Is Your Home Worth? Don't Trust Instant Valuations.

Get a True Market Value of your property. Click below to receive your Free Accurate Home Evaluation based on the actual current market sales data at no cost, risk or obligation to you.
 
Instant valuations are merely computer generated based on unreliable tax records and public info that is notorious by inaccurate and unfiltered sales data that is often not even comparable to your home at all. 

Sell Quickly & Get The Price Your Home Deserves! Get Your FREE Sellers Guide Today! 

Quality information outlining the service that Home Owners will receive when choosing Forest Hill Real Estate Brokerage Inc. Signature to help guide you through the selling process.

 

  • About Elizabeth Hobson - The Key To Your New Home

  • About Our Company - Forest Hill Real Estate Brokerage Inc. Signature

  • Our Service Guarantee

  • Yes I Have Buyers

  • Step #1 - Selling Consultation

  • Step #2 - Develop Marketing Strategy

  • Step #3 - Implement Customized Marketing Plan

  • Step #4 - Our Pricing Strategy Plan

  • Step #5 -Our Staging Plan

  • Step #6 - Understanding Your Role

  • Step #7 - Negotiating The Purchase Contract

  • Step #8 - Managing The Transaction Through Closing

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REALTOR®, and the REALTORS® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.