Coldwell Banker Residential Brokerage Home Buyers Guidebook - 2017 - Page 12

HOME PURCHASE NEGOTIATION Finding the Right Home Here are some important questions you should ask your Realtor ® and why you should ask them.* We recommend... If you will be financing the property, get preapproved for a mortgage prior to making your offer. This will show the seller your commitment and ability to perform. How long has the property been on the market and what is the average market time in this area? Why: Market times indicate supply and demand for properties in the area and can give you an idea of whether it’s a buyer or seller driven market. Have there been any price reductions during the listing period? Why: A price reduction may indicate a seller’s desire to attract an offer. What is the price range of recent sales in the neighborhood? Why: This information may indicate the home seller’s expectation. Are there any other active offers being considered by the home seller? Why: Knowing if you are competing for a property with another home buyer may affect the terms of your offer to purchase. What improvements have been made to the property? Why: Recent enhancements can affect the buyer and seller’s perceived value of the property. When would the seller like to move? Why: Knowing when the seller wants to move can be helpful during negotiations. What personal items are included in the sale? Why: Anything the seller is willing to leave behind that you won’t need to buy when you move in has real value. Consider those items in your offer. Can I have copies of all home seller disclosures? Why: Most states require all home sellers to provide property disclosure statement(s) for your review. What is the motivation of the seller? Why: Motivation is a key element in any negotiation. As an example, if the seller has already purchased a new property, your ability to close quickly may be an attractive element of the negotiation. * Depending on the type of agency relationship you have with your sales associate, he or she may not be able to assist you with these specific questions. 12 ©2017 Coldwell Banker Residential Real Estate LLC. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Residential Brokerage.