DAWN RISH                                        

 "No one cares how much I know, until they know how much I care"

Home Purchase Negotiation:

Here are ten important questions to ask your realtor before putting an offer on a home and why:

1. HOW LONG HAS THE PROPERTY BEEN ON THE MARKET?

Why:  The length of time a home has been on the market can sometimes indicate the seller’s willingness to negotiate.

2. HAVE THERE BEEN ANY PRICE REDUCTIONS DURING THE LISTING Period?       

Why:  The amount of any price reduction may indicate the seller’s desire to attract an offer.

3. HAVE THERE BEEN ANY OTHER OFFERS ON THE PROPERTY?

Why:  It will be helpful to know if offers were turned down or not completed and why.

4. WHAT IS THE MOTIVATION OF THE SELLER?

Why:  The reason someone is selling their home may provide a key element in negotiation.  For example, if the seller has already purchased another home, your ability to close quickly may be attractive in the negotiations.

5. WHAT PERSONAL ITEMS ARE INCLUDED IN THE SALE?

Why:  Anything the seller leaves behind when they leave will be one less thing for you to purchase.  Consider this during negotiations.

6. WHAT IS THE PRICE RANGE OF PROPERTIES THAT HAVE SOLD IN THAT AREA?               

Why:  This information will indicate the top and bottom price figures of that specific market.

7. WHAT IS THE AVERAGE TIME ON THE MARKET FOR HOMES IN THIS AREA?

Why:  Shorter market times may indicate a sellers’ market.  There may be more competition for the home.

8. WHAT IS THE LIST TO SALE PRICE RATIO IN THIS AREA?

Why:  This will indicate the willingness of sellers’ in that area to agree to a price less than list price.

9. WHAT IS THE AVERAGE SALES PRICE PER SQUARE FOOT OF RECENT SOLD?

Why:  This approach to establish value works best in a P.U.D. and/or where there are similar homes, lot sizes, and improvements.

10. WHAT OTHER KNOWN FACTORS ABOUT THE PROPERTY OR  AREA  COULD AFFECT THE VALUE?

Why:  Review the Seller’s Disclosure Statement very carefully with your agent.  Also, are there any changes projected to be made in the area.  (i.e. Widening of the road, etc.)

                                 DAWN RISH - Coldwell Banker West Shell Back to Home Page

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