More Than Just Price: Understanding Terms and Timelines in Real Estate

Host: Welcome to Market Matters with WVMLS, where we get real about real estate in the Willamette Valley. I’m Dave Pautsch of RE/MAX Integrity. Our local Willamette Valley Multiple Listing Service, or WVMLS, is a powerful but often misunderstood resource. It’s the centralized marketplace bringing buyers and sellers together since 1949.

Today, we’re continuing our series for buyers, covering the offer process in real estate. So, you’ve found a great agent, hopefully a WVMLS member, agreed on fees, and signed a representation agreement as is required in Oregon. You’ve toured a few homes and finally found the one you’d love to own. So, what’s next?

Crafting the winning offer is about more than price. Terms and timelines can be as important as cash to the seller, who may have their own contingencies, such as a delayed closing date. It’s all about understanding your leverage. Are you paying cash or getting a loan? A mortgage pre-approval is needed for sellers to take your offer seriously. Do you need to sell another home first? Do you need help with closing costs? Or are you going to ask for your agent’s fee to be paid?

Take all this into account with the time on market, other offers in place, and any information your agent can figure out on the seller’s needs and negotiate accordingly. Even with a strong offer, back-and-forth negotiations through counter-offers are common. That’s why having a WVMLS member on your side matters. Their fiduciary duty is to advocate for your best interests. Once the offer is accepted, your agent will still be on the job helping you manage the transaction to meet your deadlines all the way to the closing date. But if you’ve gotten this far, congratulations are in order!

Thanks for joining us for Market Matters with WVMLS, where we get real about real estate in the Willamette Valley. I’m Dave Pautsch of RE/MAX Integrity. We’ll be back next Monday in the noon hour with more information on how WVMLS makes the market work for buyers.

Until then, learn more at wvmls.com.