Is There A Secret To Good Negotiating?
There are several cardinal rules to negotiating effectively. The Real Estate Team does their homework and learns as much as possible about the Seller and /or Buyer. They play their cards close to the vest and do not reveal too much information to the other party or their agent. The Real Estate Team will advise you to not rush into a decision.
Should I Consider Contingencies?
If you are a Seller in a Seller's market - i.e. there is more demand than supply - you probably won't have to entertain too many contingencies. If you are selling in a Buyer's market -i.e. 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.
What Contingencies Are Normally In An Offer?
An offer to purchase property is filled with contingencies and should be reviewed with care. Two common contingencies are financing and inspection. The financing contingency makes the sale dependent on the Buyers' ability to obtain a loan. The inspection contingency allows Buyers to have professionals inspect the property to their satisfaction.
How Is The Price Set?
It's very important to price property according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. A comparative market analysis (CMA) prepared by The Real Estate Team will provide the data upon which to base your list-price decision.
Are Low Price Offers Advisable?
A "low-ball" offer is a term used to describe an offer on a property that is substantially less than the asking price. While any offer can be presented, a "low-ball" offer can sour a prospective sale and discourage the Seller from negotiating at all. Unless the property is very overpriced, the offer will probably be rejected. You should always do your homework about comparable prices in the neighborhood before making any offer. It also pays to know something about the Seller's motivation. A lower price with cash and a short escrow may motivate a Seller who wants to sell quickly.