Negotiating the Sale
A Strong Team is your Ally
Many factors need to be taken into consideration when entertaining an offer for purchase on your home. Consider market conditions in your area:
- Are homes in your area selling quickly?
- Is the economy strong and are interest rates low?
- How strong is the local job market?
If any of these items are weak, then you may have to sweeten the deal by adding some contributions towards closing costs or by being willing to move quickly to help attract different types of buyers. Home sales also involve contingencies. Every contract is different, but the possibilities of contingencies are virtually endless. Some of the more commonly used contingencies would include:
This contingency depends on the ability of the buyer to obtain financing and get an approved loan for the home from a mortgage institution.
This is the most common contingency. There are many different inspections that can be done on a property. This is where your Realtor can advise you on the types of inspections that are available to you. Even if you are selling your home as an AS-IS property, the buyer still has the right to thoroughly inspect the property.
This is also a main contingency in a contract for purchase. Homes must appraise in order for the lender to lend money to the buyer.
There are many parts of the contracts that are negotiable. An experienced Realtor will know just how to negotiate for you. Market data, statistics and current housing trends are critical in helping a seller make a wise "real time" decision. It is easy to be a Monday morning quarterback after the fact. The key is to be able to make the right decision, with the best information when it counts.