Buying or Selling a Home/mom of 7

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Question
hello i made an offer on a home and the owner excepted the offer we wrote the proposal agreement, signed by me my husband and sellers. and gave a deposit written to his realstate agent. now the agent want to add 5000 dollars to the sale price ugh what do i do?

Answer
Hi Jamie - In most states the offer does not become a contract until all parties have signed. An "offer" is considered just that, an offer which the seller may accept, reject or counter. In some states if a buyer submits an offer for the asking price the seller may still elect to accept, reject or counter, while in other states if a full price offer is presented to the seller they "must" accept it. If the seller rejects the offer you will receive your earnest money back, and if the seller elects to counter your offer (this means agree to continue negotiating with additional terms volleyed back) the buyer then has the options of accepting the counter offer, rejecting it, or submitting their own counter offer back to the seller. If there is no final acceptance then the buyer will receive their earnest check back as it is typically not deposited or given to the seller or seller's agent until contract acceptance (meeting of the minds). To address your question, if you submitted an offer for the listed price then the answer depends on the seller has the right to counter your full price offer... if your offer was for less than the listed price then the seller has the right to continue to negotiate to get the highest and best price possible for them. You need to be good negotiators or ask a REALTOR to represent you in this process. I am not a real estate attorney so this is not to be interpreted as legal advice however it is real estate information that any experienced REALTOR should be able to provide. If there is a problem with the return of your earnest check I would consult with the listing agents designated broker (responsible party) first, if no success then a real estate attorney. Please feel free to reply should you have additional questions. Thank you.

Buying or Selling a Home

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Todd C. Menard, GRI, rCRMS, REALTOR, BROKER

Expertise

National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation (addenda) as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders

Experience

National Association of REALTORS Board of Director (2011, 2012) Arizona Real Estate Salesperson License (1991-1995), Arizona Real Estate Brokers License (1995-Present), Arizona Association of REALTORS Board of Directors (2008-2013), Arizona Association of REALTORS Professional Standards Committee (2008-2012), AAR Certified NAR Code of Ethics and Professional Standards Instructor, Southeast Valley Regional Association of REALTORS President (2012) Southeast Valley Regional Association of REALTORS Board of Directors (2008-2013), Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007), Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-2010), Southeast Valley Regional Association of REALTORS Education Committee (2007-09), Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005), Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008), Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009), Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009), Arizona Association of REALTORS GRI Curriculum Review Committee (2009), Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010) Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)

Organizations
National Association of REALTORS, Arizona Association of REALTORS, Arizona Real Estate Educators Association (AZREEA), Arizona Regional Multiple Listing System (ARMLS), American Notary Association, Southeast Valley Regional Association of REALTORS (SEVRAR), Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present), Phoenix Association of REALTORS (1994-2000, 2005-2009), Scottsdale Association of REALTORS (1994-2000, 2005-2009), Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),

Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), Southeast Valley Regional Association of REALTORS "SEVRAR Magazine", Internet Crusade, RealTown ListServe, Blogger.com, Active Rain

Education/Credentials
- Certified NAR Code of Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981

Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members), Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001), Top 15 Sales Production Keller Williams Realty International (2001), Top 5 Sales Producation Keller Williams Realty Southwest Region (2001), Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002), Who's Who in U.S. Executive (1983), Who's Who in U.S. Real Estate Professionals (2007)

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