Negotiating Your Real Esate Offer
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Negotiating is the most challenging aspect of the home buying/selling process. The buyers are trying to negotiate the best deal for them. You are trying to negotiate the best deal for you. Each offer should be taken seriously and every effort should be made to successfully negotiate it into a contract.
There are three essential parts to a valid contract; Offer, Consideration and Acceptance. The OFFER is what the seller wants to receive for his CONSIDERATION. ACCEPTANCE is when both parties are in agreement to the terms, and consideration; in other words acceptance is what the seller is willing to give you in exchange for what you are willing to give him.
Once your offer is made, you and your Realtor may need to enter some negotiation in order to reach an agreement. Keep in mind that almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process -- that is, if you have adequate information and you use it in an appropriate manner. Your agent will have the market knowledge and negotiating expertise necessary to make sure that your offer is accepted at the best price and terms possible for you.
Some of the things that you may have to negotiate are:
- The price
- Closing costs
- Repairs that need to be done
- Appliances and fixtures
- Occupancy time frame
There are three outcome variables when a real estate contract is drafted by the buyer and presented to the seller.
- The seller will accept the terms = contract.
- The seller will change the terms = counteroffer.
- The seller will reject the terms = the end, start over or walk away.
The key to successful negotiating is keeping in mind that the end result must make the buyer, and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.
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We work with many nationally recognized relocation companies across the country to assist and ensure that employees have a smooth transition into their new homes and communities. Referrals from these relocation resources provide us with qualified buyers who will be among the first to learn about your home.