Realtors Tips When Negotiating Your Real Estate Deal
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By Tom Lyons
Seller Real estate markets bring out the worst in everyone. Home sellers become greedy and demanding. Home Shoppers become desperate and frustrated. While Realtors get caught in the middle as they try to negotiate offers that are going work for both parties involved.
Strong markets mean multiple offers will be received for just about every home for sale. How can you buy the home of your dreams when several other people are also bidding on it? Here are five tips:
Put your best offer forward. The price you’re willing to pay is the most important thing for most home sellers. They are looking to sell their piece of real estate for the best price. If you want to win a bidding war, offering the highest price is a sure way to get the vendor’s attention. Most home sellers who receive multiple offers only seriously consider those at the top of the price heap.
Cover the seller’s costs. Price is only part of the equation when it comes to the seller’s net proceeds from the sale. An offer with a slightly lower price can win if the buyer agrees to incur some of the seller’s costs.
Show you are serious. Offer to make a large deposit and as large a down payment as you can. Putting more money on the table up-front shows the seller you’re serious about the transaction and willing to put your money behind your intentions.
Get pre-approved. Submit a copy of your mortgage pre-approval with your offer. A pre-qualification letter is helpful, but a full approval, subject only to an appraisal of the property, is even better. Vendors favor buyers who demonstrate that they’re financially able to close the transaction. Get your pre-approval letter from a local mortgage broker who has a good reputation among the local agents.
Don’t add unusual or unnecessary conditions or requests to your offer. Vendors know extra conditions (e.g., the approval of in-laws, the sale of another residence) can delay the transaction or create a loophole for the buyer to bow out of the agreement. Special requests (e.g., including appliances if they have been excluded in the listing) complicate the offer and distract both sides from more important elements. On the other hand, don’t waive standard inspection and financing conditions unless you thoroughly understand the risks.
When viewing the home be sure to be thorough on your first visit. Take notes and pictures so that you have something to refer to later. If you decide to put an offer in you may not have time for a second showing so you want to be sure you have the right home.
Some people will actually take video and play it later to remind them what the home was like. It also helps you when you do go for a second look, you can focus on the items you have questions about, allowing you to make an offer you are more comfortable with but gives you the best chance of success.
Use the tips above and you’ll stand a much better chance of grabbing the dream home when it comes available, and perhaps fast enough to avoid a competitive situation.
About the Author: Tara Lyons is a Belleville Real Estate agent helping home owners and sellers get the home of their dreams. Please visit her blog at taralyons.ca/
Source: isnare.com
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