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| * Strategies Are Created By Strategies You are a prospective Buyer and with the assistance of your trusted Agent you have probably over a period of time, found the home of your dreams. It is time to submit Your bid on this property and like most buyers of anything, you want the very best possible deal you can get for yourself. Hopefully you will get some pointers from the experienced Realtor you have chosen to be your Agent and if this is so, you are strongly urged to listen to this advise. Most competent Realtors are career oriented full time in the real estate business and have a track record of literally hundreds of successful transactions under their belt, so who else would know the best strategy to take? Please take the time to read all about Agency and how to choose the appropriate Realtor to represent your interests in the next transaction. SUBMITTING THE OFFER Two Approaches Dicker: Depending on the prevailing market conditions in the area, and the comparable sold properties, you may want to consider offering some percentage amount less then the asking or listed price. The Seller has the option of rejecting your Offer entirely or sending back a counter offer (sign back) a more acceptable set of terms or price. It does not end there. You now can do the same thing and make changes then resubmit a whole new offer or counter to their counter offer. This going back and forth of counter offers between a Seller and the prospective Buyer is in fact a form of bargaining similar to the bazaar or straw markets in the past where eventually, everyone walked away happy after making a deal. In order for that to be the case, it is best to predetermine exactly what your maximum price you will go to before you start this process. To do otherwise is dangerous because once get caught up in the excitement of the "take it or leave it" atmosphere that prevails with each sign back, someone almost always takes the plunge thinking they got a good deal and accepts. Most times... it is. As a prospective Buyer, and you have an offer that is contingent upon something you must do... be clear, you must endeavour to meet those requirements by exploring all avenues of the accomplishing what you said you were going to do. This is called "Specific Performance" and the courts see what you signed for to do as your word is your bond. So, if your offer says you have 5 days to get as mortgage, then you had better get a mortgage within that 5 days or have some proof why you can't get one. Low Ball Offer: In this scenario, you, as the prospective Buyer really don't want to spend any more than you have to so you think a LBO is the only way to go. The fact is, if you stop and think for a moment... why would anyone selling anything even consider an LBO? The truth is ... they don't. Usually all that is accomplished is that valuable time has been wasted and any credibility as a prospective Buyer you possessed at the beginning is now suspicious. Strategies takes into consideration the real current market place, the length of time the property has been on the market, the location, the price and the condition of the property. Do not forget the motivation of both the prospective Buyer and the Seller is paramount in any potential sale. There must be a willing BUYER and a willing SELLER to make a deal a deal! BACK TO www.realestate1o1.com |