Is there a secret to good negotiating?
There are several good practice rules to follow to negotiate effectively. One is do your homework, and learn as much about the seller or the buyer as you can. Another is to only play the cards you need to play to secure the deal. Don’t let yourself get rushed into any decision, no matter how tempting it may be. Conversely don’t drag your feet when you know the market is moving quickly. That rule applies to Buyers and Sellers. Finally, the objective is to get the house in play so we don’t shut anyone down but look for possible solutions.
What contingencies should be put in an offer?
Most offers include three standard contingencies: The initial home inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. The home can be sold with a Repair Cap or As Is. A financing contingency and appraisal contingency both makes the sale dependent on the buyers’ ability to obtain a loan commitment from a lender. . A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. The purchase contract must include the sellers responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property if obligated.
Do I have to consider contingencies?
If you are a seller in a seller’s market, in which there is more demand than supply, you probably won’t have to entertain too many contingencies. But if you are selling in a buyer’s market, when buyers are few, prepare to be very flexible. Granting contingencies also depends upon what kind of price you want to get and on the condition of your property, most experts agree. Remember, contingencies are written into the contract and are negotiable during the negotiation phase only.
Is a low offer a good idea?
While your low offer in a normal market might be rejected immediately, in a buyer’s market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
* Is the offer contingent upon anything, such as the sale of the buyer’s current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.
* Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?
* Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.
What is the best time to sell your house?
There is no “best” time to sell. There are more optimum times to sell and they vary by market. Like our waterfront market runs more intense during the cooler months, December through April versus other markets run with the children’s school schedule. Selling a house depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price. Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as April, with the strongest selling season usually lasting through May and July. With the onset of late summer, the market slows. Typically the market does slow again as buyers and sellers turn their attention to the holidays. If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are always more likely to sell your house if it is available to show to prospective buyers continuously.