The crucial period between an offer and a final contract is an important time to stay in close contact with your Keller Williams agent so you’re equipped with all the information you need to make smart decisions.
Ask your KW agent I will explain the key points in your multi-page contract, such as:
- Accuracy of information, including the correct spelling of your name and the property address
- The effective date of the contract – important because your contingencies have time limits.
- A list of contingencies, such as that the sale depends on financing, an appraisal, a satisfactory home inspection, and perhaps the sale of your current home.
- Property disclosure information from the seller, depending on your state laws.
- A complete list of what conveys with the property
- A list of required inspections, such as a home inspection and a pest inspection
- Information about when you can move in.
- In some cases, such as if your offer is contingent on the sale of your home, the seller may add a “kick-out” clause, which means that the seller could accept another offer if one is made before your home is sold.
Your Keller Williams agent can guide you, but you also need to decide how much you want a particular property and what you’re willing to accept to get it. You may want to let go when:
- A bidding war drives the price too high
- The appraised value of the home is below your offer
- A home inspection finds defects that would be expensive to repair
- The sellers are unwilling to make reasonable repairs
- You learn about homeowners association rules that won’t work for you
- Unrealistic deadlines: you’ll need time to arrange a home inspection and receive the report, as well as arrange financing
- Missing deadlines means you lose your chance to end the contract and keep your deposit
- Items that don’t convey with the property: if you’re not sure, ask your agent to confirm
- Communications from your lender