Negotiating an Offer
Negotiating Your Offer
You found the perfect home! What next? Your EXIT Heritage Realty Agent will work on your behalf when negotiating with the seller or more likely, the Seller’s Agent.
Here are some of the ways we can ensure a smooth offer process:
- Go through the Offer to Purchase Contract before you find the perfect home
- Understand and prepare for the best and worst case scenario
- Research the history of the home and ask questions – try to understand the sellers and what their motives are
- Treat all parties with respect and courtesy – return calls, work in a timely manner, do what we say we’ll do
- Write and present Offer to Purchase Agreement
- Negotiate with data and facts about recent home sales and the value of the home, not opinion
- Have a list of offer options in our back pocket like paying for closing costs or repairs that may help the seller accept our offer
- Keep the offers reasonable and try to limit counter offers
- Make sure all contingencies and dates are attainable
- Discussion and handling of earnest money
Negotiating terms of sale
If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer like the seller may be willing to:
- Include appliances or other items in the home sale
- Take care of any repair costs above what is agreed upon
- Rent from you if you are not ready to move yet
- Provide a home warranty or help with HOA payments
- Accept a contingency on the sale of your home
The Importance of an Inspection
As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or Seller's Agent tell you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.
Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection). Not only should you never skip an inspection, but also you should be present with the inspector during the inspection. This gives you a chance to ask questions about the property and get answers that are not biased.
You have to demand an inspection when you present your offer. It must be written in as a contingency. Most real estate contracts automatically provide an inspection contingency.