What are some tips
on negotiation?
The more you know
about a seller's motivation, the stronger a negotiating position you are in.
For example, seller who must move quickly due to a job transfer may be amenable
to a lower price with a speedy escrow. Other so-called "motivated
sellers" include people going through a divorce or who have already
purchased another home.
Remember, that the
listing price is what the seller would like to receive but is not necessarily
what they will settle for. Before making an offer, check the recent sales
prices of comparable homes in the neighborhood to see how the seller's asking
price stacks up.
Some experts
discourage making deliberate low-ball offers. While such an offer can be
presented, it can also sour the sale and discourage the seller from negotiating
at all.
What are the
standard contingencies?
Most purchase
offers include two standard contingencies: a financing contingency, which makes
the sale dependent on the buyers' ability to obtain a loan commitment from a
lender, and an inspection contingency, which allows buyers to have
professionals inspect the property to their satisfaction.
As a buyer, you
could forfeit your 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 seller’s 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.
What contingencies
should be put in an offer?
Most offers
include two standard contingencies: a financing contingency, which makes the
sale dependent on the buyers' ability to obtain a loan commitment from a
lender, and an inspection contingency, which allows buyers to have
professionals inspect the property to their satisfaction.
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 seller’s 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.
What is the
difference between list and sales prices?
The list price is
how much a house is advertised for and is usually only an estimate of what a
seller would like to get for the property. The sales price is the amount a
property actually sells for. It may be the same as the listing price, or higher
or lower, depending on how accurately the property was originally priced and on
market conditions.
If you are a
seller, you may need to adjust the listing price if there have been no offers
within the first few months of the property's listing period.
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