It's All About The Net When Negotiating A Home Sale
When working with Buyers, and they have decided on the home they desire to have me prepare and submit an offer on, I first ask them if they want to tour the house again. I do this so I can make the tour more technical pointing out things a Licensed Inspector may show them as a maintenance and/or repair issue. Next, I began resourcing them on the negotiation trend in the neighborhood. I find relevant sold listings showing them what the Seller asked, what the Buyer accepted, the type of financing if any, if there were any closing cost paid by the Seller, and ultimately the average percentage between what homes are listed for, and their final selling price.
This information is valuable to the Buyer because they are informed on the art of negotiation, confirms the neighborhood is a good investment, and fully prepares them for the negotiation experience. My Valued Colleague below shares additional valuable information on the negotiating process in purchasing a home.
It's All About The Net When Negotiating A Home Sale It's very common in the Cincinnati area for home buyers to ask sellers to make concessions when offering to purchase their home. Thousands of dollars in closing cost assistance A one year home warranty that wasn't offered by the sellers Appliances that weren't included in the MLS entry Owner's title insurance paid for by the seller These things add up and can be a significant expense to the sellers. And some buyers might think that asking for all those things and then offering "full price" is actually a full price offer, but it's far from it. A full price offer is just that, a full price with NO extra asks beyond those that were already offered by the seller. For the sellers, it's all about the net, and as soon as you start asking for extras, you've reduced the sellers' net price when they sell their home. So as a buyer, it shouldn't come as a surprise if the sellers counter ABOVE list price if you ask for extras. Countering above full list price doesn't mean the seller is mad or doesn't appreciate your offer, but to the seller it's not really a full price offer so they'll react to gain an acceptable price to them. We have the same discussion with our sellers and buyers, it's all about the net. Adjust up or down to see what the REAL net price is. Is the net price reasonable? If it is, we may just have a deal. If not? Let's counter again until we can find a happy middle ground for both sides, or until it doesn't make sense to continue negotiating. More questions about buying or selling homes in the Warren County area? Just ask! You can contact us at 513-520-5305 or email Liz@LizSpear.com. Serving Warren County Ohio home buyers and sellers, Liz and Bill aka BLiz REALTORS(S) Serving Warren County Ohio & Adjacent Areas The Liz Spear Team of RE/MAX Elite Elizabeth & William Spear Ask for us by name if you visit the office! Two locations: Lebanon & Mason, OHDirect: 513-520-5305 Direct #2: 513-265-3004 Fax: 866-302-8418 MailTo: LizSpear@Go-Concepts.com Our Website: www.LizTour.com OUR SERVICE AREA: View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map
Comments(1)