Depending on the market in which you are selling, your position in the negotiations with a potential buyer can be either a very comfortable one or a difficult one. In a buyer’s market, you might not have much wiggle room in terms of price and contingencies. In a seller’s market, you might have a lot of room to negotiate. Either way, there are a few things you should know going in. How Low Will You Go? Before you even begin negotiations with a buyer, you need to have a bottom line; this is the lowest price that you will accept for your home. Your REALTOR® can help you to determine a realistic selling price for your home, but only you can decide what you are comfortable accepting. Be prepared to turn down offers that are below that amount, no matter how much you want to sell. Keep Your Cards Close Potential buyers don’t need to know that you have already bought your new home and badly need to sell this one. Keep that information to yourself and make sure your REALTOR® does, too. When a buyer senses that you are anxious to sell, you will quickly find that you have […]
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There is perhaps no more exciting and nerve-wracking time in the home buying process than when you decide to make an offer on a home. If it is accepted, you will be on your way to owning a new home—if not, you will be forced to make some difficult decisions. Your REALTOR® will help you get through the process of making an offer on a home. He or she can give you advice on how much to offer and what concessions you will make. But there are a few decisions you will have to make yourself, and be prepared to stick to them. How High Will You Go? If your initial offer on the home of your dreams is rejected, the seller will usually come back with a counter offer. In most cases they will ask for a higher purchase price and may refuse some of the items you requested in your initial offer, such as repairs to be done to the home prior to the sale. This is a normal part of negotiations, but especially for first time buyers it can feel like a very frustrating process. When the counter offer comes back, you will have to decide if […]
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When it comes to buying a home, the ability and willingness to negotiate is a must for both the buyer and seller. In general, sellers ask for more than they are actually willing to accept and buyers offer less than they are willing to pay. The trick is to find the perfect balance so that you, as a buyer, feel good about the purchase price without leaving the seller feeling insulted. Know Your Market Real estate is a business that either favors the buyer or seller, hence the terms buyer’s market and seller’s market. When negotiating a purchase price, it’s important to know which of the two you are in. As the buyer, you will have the best chance at a successful negotiation if you research the price of other comparable homes in the area before making an offer. Make It Personal When you make an offer, the seller will see nothing more than a piece of paper with some numbers on it that represent the price you are willing to pay. If you really want the seller to take your offer to heart, let them know why you want to buy the home. You can do this by preparing […]
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