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 effect 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 .
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* 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 .
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