Do you really know what that offer means?

I received an offer this weekend on a beautiful home I have listed.

The initial offer was low and the buyers agent and the buyer knew from the beginning the offer would be countered.

Also with the offer was a couple little traps that most agents overlook, from my experience as a broker. The first trap was the interest rate the seller expected to not exceed. In our state the interest rate can be a way of getting out of a purchase agreement. The statement"interest rate not to exceed" can be a escape route. If the agent uses an interest rate below what is available you know what the mind set it going into the contract process.

As soon as you counter the offer the original is gone as with any contract. If you don't counter and accept but the buyer can't get the interest rate specified they can walk without any other reason. I have no idea why these games are being played but don't lose a sale because of a slick underhanded maneuver like this one.

The next trap in this contract was the possession at close. Some states require possession at close unless you write language differently. The problem is if for any reason the financing or loan isn't funded and your clients have moved all their belongings, they just double their costs. Now they either move back in or have two homes. Neither is something I want to have happen to my clients.

What little tricks are you seeing employed on contracts?

Gary L. White, Flexit Realty www.FlexitRealty.com