Once a buyer has decided on a property, it is then time to find the best matching recent comparable closed sales. Seller list prices can range from aggressively priced, to the laughable.
Once an offer price is determined, the offer is prepared and submitted to the seller’s agent. The seller will either accept, reject or counter. A counter offer from the seller is the most common outcome.
These items are customary for Naples, but everything is negotiable within reason:
- An initial deposit with the offer, is usually not required.
- Upon acceptance somewhere in the area of 10% down is expected.
- If a cash offer then typically 30 days to close. If a mortgage contingencies then 45 days to close.
- Buyer has 15 days to complete inspections. Any defective item must be corrected (or credit given) by the seller or the buyer can terminate.
- Buyer has three days to review homeowner association or condo association documents and financial statements. A buyer can terminate the agreement in their three day review period.