Negotiating the Contract You need to evaluate your own situation honestly and realistically before you begin negotiating the contract. The Offer It is difficult to describe the negotiation process in detail because they can vary so greatly. The general structure of the exchange, however, is fairly simple and routine. Occasionally, buyer and seller will sit down and talk through the terms of the contract together. More often, it begins with the buyer submitting a written offer to the seller. Typically, the offer will give the seller a limited time frame (12-72 hours) to accept — if they wish to accept
A4HB Homebuyer's Blog
Structuring Your Offer Review the standard Colorado real estate contract form to get a feel for some of the decisions regarding structuring your offer. Generally, the issues you need to think through concern dollars, dates, and conditions. The goal is to protect yourself while making the offer as attractive as possible to the seller. If looking at an excellent property that has just hit the market, you may need to give up some security for the seller to accept your offer. In this instance, you should understand what you are giving up and how important this is to the seller.
Evaluating the Property You take the most important step in evaluating a property before you decide to make an offer. When you make the initial decision that you like it, that it will work for you, and it seems to be reasonably priced, you are on your way. Once you’ve made the offer and it has been accepted, you will pursue evaluating other important aspects of property. Written correctly, the purchase contract gives you the right to evaluate the property as you see fit. A good contract also allows you to terminate the contract if you are not satisfied. Before
Make Your Best Purchase Offer Make an Offer and Write a Contract Once you’ve found right property, you need to put together your best purchase offer. Most buyers use the standard contract developed by the Colorado Real Estate Commission. In Colorado, the law requires real estate agents to use this form however the Real Estate Commission allows us to delete irrelevant clauses or add additional provisions designed to protect our client’s interests. Buyers, or any attorney they hire, can draft a purchase offer without using this form. In most cases though, if you hire an attorney, he or she will