Making an Offer to Buy Real Estate
Tendering an offer or a bid to the sellers, may or may not leave you with additional options. If the seller rejects the offer, counteroffers it, or simply does not respond, your options are still open. You, as the buyer, can accept the counteroffer, make another offer, or simply move on.
If, however, the seller accepts the offer (and you are notified of its acceptance) then a legally binding contract has most likely been struck. In the majority of cases and localities, there is not even the need for additional paperwork--the signed offer becomes the contract. Once the offer has been accepted, the "lets think it over just a little bit more" phase has passed. This is why it is crucially important to make sure that all of your bases are touched and all of your intentions made clear in the offer--it can become a binding contract in the blink of an eye and a stroke of the seller's pen.
Negotiating Is An Art
By Cecilia Sherrard
YouShouldOwn.com
Only an artful negotiator can take two sides with opposing interests and bring them to consensus. No formula can be applied to the process; no scientific equation can bring it about. And the back-and-forth communication that is negotiating is a huge part of the home buying and selling process.
A favorable negotiation involves your JC Jones CENTURY 21 listing agent working with the buyer's agent to arrive at an agreement on price, and terms and conditions. As with any bargaining session, the discussion can get bogged down; but a professional knows how to avert problems. It's about working through, around and over any potential sticking points to bring the talks to a mutually satisfying conclusion. More than one buyer has rescinded an offer in the negotiation process, so it's best not to tackle this oh-so-important business dealing without the help of a skillful negotiator.
Having an expert negotiator manage the sale of your home is just one more reason to work with a real estate professional. Make sure your listing agent offers capable representation, objective counsel and caring guidance for this process.
Before engaging your agent, know how s/he will handle negotiation. Ask him/her questions like:
- The proposed selling price (your offer).
- Any concessions you desire the seller to make.
- Any financing contingencies (for example, subject to you being able to obtain a satisfactory mortgage. You can go as far as to state maximum interest rates, specific terms, etc.)
- Any home inspection contingencies (for example, subject to an acceptable whole house inspection report).
- A clear definition of precisely what is to be included in the sale. Don't simply assume that items such as porch swings, fireplace doors and refrigerators are included. Doing so usually causes some unpleasant surprises on moving day. If there is any question, be specific!
- The amount of earnest money (your deposit) that is being tendered with the offer.
- How will multiple offers be handled?
- Will the buyer's agent always present his/her offer to me or will you be the only professional present?
- On which points should we stand firm and on which can we compromise?
- How can you help me figure my bottom-line selling price?
- What will you do to get me the best price in the shortest period of time?
Answers to these questions will give you a good idea of how your agent negotiates the deal to get the best sale price and terms for you.
When you use JC Jones CENTURY 21 as your listing agent, you have a guide who will understand your concerns, expectations and needs – not only in negotiation, but throughout the entire home-buying process. S/he will be able to negotiate on your behalf; after all, at stake is your best interest and your piece of mind in knowing that your home was sold at it's best value.
