Podcast: Use 'The Ultimate Addendum' to bulletproof financing

  • "The Ultimate Addendum" is designed to be your hedge against the 10 real estate deal killers.
  • Use it when you are a listing agent as an addendum upon acceptance of an offer or as the counter offer.
  • Remember to consider cultural practices, timing modifications and appraisal issues.

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In the first of our two-part series, we looked at the top 10 underwriting, deal-killing scenarios and how you can get ahead of these things before they put a stop to everything. Today, we conclude this topic drilling down on the details of “The Ultimate Addendum,” which is designed to be your hedge against the 10 deal killers we went over in the previous show.

When using “The Ultimate Addendum,” remember to consider cultural practices, timing modifications and appraisal issues — whatever is customary for your market. So, how do you use it?

Use it either as an addendum upon acceptance of an offer or as the counter offer, depending on how your negotiation is going. When do you use it? When you’re the listing agent — send it to the buyer’s agent, even if they have a strong letter.

Listen on for practical, tactical advice and wording on how to execute “The Ultimate Addendum.” We also include optional additions to that addendum for special circumstances dealing with appraisal, competitive situations and a win-win strategy for home sale contingencies.

Remember to always check with your broker or legal counsel for how the elements of “The Ultimate Addendum” can be used and still protect your buyers’ earnest money.

 

Subscribe to Tim and Julie Harris’ podcast on iTunes or follow us online at realestatecoachingradio.com.

Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.

Email Tim Harris.