Letter to Present an Offer to a Seller Client

Letter from agent to seller client

We have received an offer for your house. Here are the highlights of their offer:

Your asking price was $609,000.

The sales price offered is $615,000. They would make a cash downpayment of $30,750 to the lender using Conventional financing for 30 years, with a 21-day approval period at a max interest rate of 7%. If they do not obtain final approval of the loan during that time, they can exit the contract and receive their earnest money back.

The buyer is asking for additional closing cost assistance from you, the seller, in paragraph 12 in the amount of $15,000. This would be deducted from the net proceeds of your sale and credited to the buyer at closing.

Earnest money is $6200 with Fair Texas Title in McKinney.

The buyer is asking for an option period of 7 days for $100. This is typically the time a buyer has the house inspected and negotiates repairs if any but they would have the unrestricted right to cancel the contract during this period.

The title policy is the seller's cost. Estimated cost to you would be $3546 at the current sales price. The buyer is asking that you purchase an optional survey exception/deletion insurance which is 5% of the cost of the title insurance policy. For more information on what this covers please visit: https://www.mymetrotex.com/surveydeletion/

The survey is to be provided by the seller within 5 days. If the survey is not usable by the title company or the lender, a new one would have to be purchased by the seller (estimated cost is $550 or so).

The closing date is on or before October 31, 2024. There is no leaseback with this offer so the buyer would take possession of the home after closing and funding.

The buyer is asking for a home warranty allowance of $930 from the seller (it is higher due to the pool).

The HOA addendum has you, the seller, providing the subdivision information and resale certificate within 20 days. The buyer has 3 days to review and object to the HOA rules after they have received the information. They can back out of the contract during this time, though it has been rarely done in my experience. Also, very important, the buyer is to pay up to $100 in HOA charges associated with the transfer and reserves of the property. Any additional fees would be the seller's cost. This can get costly depending on how much the HOA charges for these fees. I advise you to call the HOA to determine these fees. You may wish to do this before accepting the contract.

A non-realty items addendum has been included in which the buyer is asking that the playset in the backyard convey with the property at no charge.

The lender letter for the buyer is included for your review.

This would be an Intermediary transaction because the agent representing the buyer is also with Russell Realty. That agent would be assigned to the buyer and Bethany to the seller.

Important dates

Closing date on or before Oct. 31.

Opportunities for the buyer to cancel the contract are:

Option period - 7 days

Finance period - 21 days

HOA review - 3 days AFTER RECEIPT of HOA docs (These must be ordered and paid for, and delivered before 20 days)

These are the highlights but there are many more details. Please review the entire offer and call me to discuss it so we can determine how to respond. You can counteroffer, accept, reject, or ignore the offer. Let's discuss this at your convenience.