Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part Four – Negotiating the Deal

Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part Four – Negotiating the Deal

Brandy and Nick both understood that to get the best deal both the seller and they needed to be in a winning situation.  Brandy and Nick wanted to buy this house and the sellers wanted to sell.  Some buyers seem to be motivated to just try to get a good deal.  So to them if they cannot buy a home for ninety percent of the asking price they will not buy.  That kind of attitude in the current market will do nothing but waste a lot of time.

All good Realtors will price a home so that it will sell quickly because experience has taught us that when a home is on the market more than 60 days it will become harder to sell.  In fact when I research a home that has been on the market more than 60 days I usually find there are reasons I really do not want to show the home.  Sometimes it is just a matter of the price.  If the house has been overpriced for months maybe the seller is ready to take a good price cut.  Usually though there are other reasons like mold, radon, a bad inspection that has derailed the transaction.

Brandy and Nick were looking at homes that were priced fairly and they knew that we were not going to be able “TO STEAL A HOUSE.”

NEGOTIATING THE DEAL is really easy when the home is priced right and the buyer is ready to buy.  Having a willing buyer and a well prepared seller makes the Purchase Offer negotiating very easy.  I presented the offer to the listing agent and she got back to me very quickly.  Usually I give the sellers 24 hours to respond.  The listing agent was back to me in just a few hours.  We were able to work out the contract quickly by each party giving a little.

The listing agent was a very good listener and represented her sellers with professionalism efficiency.  We had agreement after just working out a few details and were ready to schedule the inspection.

Just a couple of notes about negotiating a purchase offer:

Price is always important but often experience has taught me that there are sometimes equally and even more important parts of a contract than the price.  How can that be?

The biggest non price item is most often the closing date and for good reason.  For instance, if the buyer can lock in a low interest rate  for 60 days and interest rates are increasing then to close before that date expires is really important.  That lower interest rate may save the buyers much more money in just a few years than the difference in price that they are negotiating.

If the seller is currently struggling to make payments on two homes it may make sense to them to sell for less and get an earlier closing date.

The fifth part of this blog series will be about the inspection process.

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