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You've found a home that's right for you and it's time to make an offer. What steps are involved in negotiating a real estate purchase?
1. Research and Planning - Depending on market conditions, you may have to act quickly, before another buyer steps ahead of you. The best way to approach is to arm yourself with facts and to plan a negotiating strategy. Current market prices, price ranges and comparable properties are the most important factors that provide valuable assistance when deciding what to offer.
2. Submit an Offer - Real estate transactions require a written contract, which conveys an initial written offer. Your offer will specify price, plus all the terms and cnditions of the purchase you want to negotiate.
3. The Seller's Response -
Accept - If, after reviewing the written offer, the sellers agree,you than have an
accepted offer. OR
Reject - Then you are released of any obligation. OR
Counteroffer - This process can repeat a few times until agreement is reached.
4. Withdrawing an Offer - In most cases, the answer is yes, right up until the moment your
offer is accepted. If you want to withdraw your offer after acceptance, be sure to do so
only after consulting a real estate attorney. You want to avoid a lawsuit for damages the
sellers incurred because of your actions.
Reprinted from Real Estate Buyer's Agent Council
Articles:
Ways to Improve Your Credit
How do You Select an Agent to Represent You?
Customer or Client? What's the difference?
What do You Want and Need in a Home?
Property Disclosures
Alternative Buying Options - Is a distressed property right for you?
CALL FOR MORE DETAILS
Joan Snow ABR GRI SRES SFR
Advantage: Buyer Realty
39 Maple Avenue
New City, NY 10956
845-634-5900: Direct 845-641-1579
