Is this a real estate horror story in the making? Need advice on the home we're selling in Olathe, Kansas.

Question: Is this a real estate horror story in the making? Need advice on the home we're selling in Olathe, Kansas.


Friday I received an offer on our FSBO from a REALTOR. After considering the offer overnight, my wife and I countered back Saturday morning. By noon the buyer accepted our counter. By 5:00 the contract was signed and sealed.


This morning, I got a phone call from the REALTOR. She said that the buyers are requesting to amend the offer. The buyer wants to raise the offer to pay $5,000 in closing cost, $450 for a home warranty and $2500 in repairs. The buyer also wants to extend closing 10 days.


Should I go along and accept?


Answer: First, renegotiating after a contract is accepted is normal. Second, does the new closing date work?


Next, there are implications with the contract changes.


First, your home will need to appraise for the higher sales price.


Second, real estate commissions and title fees will be based off of a higher sales price. The title company will be able to give you an estimated HUD with both purchase prices.


Third, the buyer will need to be approved by their mortgage lender for the higher sales price and possible loan amount.


Fourth, extending the closing date may affect your proceeds. If you have a FHA mortgage loan, the loan payoff will include a full months interest. The title company will be able to give you an estimated HUD for both closing dates.


If you have more questions, or need additional help, feel free to contact the Dowell Taggart Team.


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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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