Whether you’re a home buyer or seller, one of the most exciting, yet stressful parts of the entire real estate process is negotiating an offer. Many of us have spent a fretful few hours, or even a sleepless night, while an endless series of questions filled our minds: Will the price be appealing? Will the offer be accepted? Can we come to terms about conditions? Will the deal go through?
While price is most certainly a major – if not the major – factor in whether or not an offer gets accepted, there are still a number of other considerations that all play a part in the decision-making process. This is particularly true in cases where multiple bids are being considered. Offers aren’t just about the price and how savvy a buyer is when putting one together can make all the difference.
Of course, having the right real estate professional to negotiate on your behalf is another major factor that could mean a difference of thousands of dollars in your pocket, or even whether the offer is accepted at all. Here are a few points that may help to improve your negotiating position:
Choose a sales professional with a proven track record of success. You’ll benefit from the experience of a representative who has already negotiated the sale of similar homes in the same area.
- Be open, direct and completely frank with your sales representative. After all, they’re representing your best interests! To do it well, they’ll need to clearly understand your needs, your goals and your limitations.
- Make your offer as free of conditions as possible. There are many conditions that can be eliminated with a little advance planning. For example, if you pre-qualify for a mortgage, depending on the value to loan ratio, you may not need to include a condition that allows you time to set up financing. Your Coldwell Banker professional can counsel you about the many options available to you.
- Keep the terms of your offer as close to the listing as possible. Remember, all things in an offer have value. The closing date or certain exclusions may have tremendous importance to the seller, but not to you. The closer your offer ‘mirrors’ the listing, the more appealing it will be.