Terms is a catch word for the things you do, or do not, ask for from the seller in a Purchase and Sale contract. They can also be the things you offer the seller to prove your willingness to strike a win/win agreement.

Typically, being ready to close fast, say in 30 days instead of 45 or more, is a great term. Money costs money, and the longer a seller has to wait to close, the more interest he is paying on his present mortgage, so less time is usually better. However, if your agent is aware the seller needs time to find a new home, perhaps in another city, your being willing to wait a month or more might make your offer the most attractive, regardless of a price difference with another offer.

Cash is a term of a contract that definitely catches the eye of the seller and their Realtor. Cash sales are less complicated, less fee ridden for both parties, and tend to close faster. They do not require surveys, inspections, and many other mortgage related costs, although it is always wise for the buyer to pay for and get these inspections to protect their interests in the soundness of their investment. A cash offer is often lower than a financed offer, but still attractive for other reasons.

The type of mortgage a buyer uses is also a term for the seller. If a buyer is using a VA mortgage, for instance, the roof will have to have at least five years of good use left . If it doesn’t the seller may have to put a new roof on to make that deal work. This can be a very costly and/or impossible situation if it arises at the end of the contract period. A seller with a suspect roof will not want to accept a VA contract, even if the price is higher, unless it is enough to cover the price of a new roof.

Asking for the brand new refrigerator, which the sellers purposely left off the MLS listing, or the garden furniture, or anything else that is exempted may also be a ‘term’ to the sellers and could affect their willingness to accept your contract.

A term can also be as simple as you love their home for the same reasons they do, your child goes to the private school down the street, your mother lives in the neighborhood, or you put down a huge binder: all things that show the seller you have skin or heart in the game and are likely to see it to closing.

Finally, terms are usually negotiable items, and the fewer you have of them the better, in most cases.If there are no other prospects you may well get everything you ask for but don’t expect them to like it, or you, for that matter. Just purchase the house and let your Realtor do your talking.