Welcome to the official Blog of BuyOwner.com

BuyOwner.com buy sell trade rent

  • Home
  • About BuyOwner.com
  • Popular Posts

Posts tagged making an offer

Do Your Homework When Negotiating With a Seller

Dec15
2009
Leave a Comment Written by Carrie

Shaking Hands

After combing through hundreds of listings, you’ve finally found your dream home. Now that the search is over, you are about to start the most tense, nerve-racking part of the whole home-buying process: negotiating the sale.

Before you decide on a price you’d like to offer, do your homework. There are a lot of things to consider before you just throw out a number and hope for the best.

  • Is the home overpriced for the market? If you are unfamiliar with the community in which the home is located, you need to gain an understanding of the sales in that area. See what comparable homes are going for and check out the prices of houses that sold within the last three months.
  • Find out why the seller is selling. Need a change of scenery? Looking for a bigger/smaller home? Relocating for a job? If you find out the reason behind the sale, you can gauge the amount of time the seller is willing to spend negotiating and closing. If the seller doesn’t have to move right away, he or she has the luxury of waiting for a better market. However, if a quick sale is needed, serious offers (even if they are lower) may be accepted.
  • Don’t simply wait for the price to be reduced. You may lose out to another buyer who put in an offer that you would have been happy to pay. Begin the negotiating process right away and try to reach a mutual agreement.
  • Don’t make your final offer your first offer. Start low and give yourself room to move up pricewise. If you start with the absolute highest you are willing to pay and the seller doesn’t budge, you’ll end up paying more than you want, or you may not even get the house at all.
  • Use bargaining tools. If you don’t need to take possession of the home right away, offer to rent the home back to the previous owner after closing (at a reduced rate or even free of charge). This could sweeten the deal and allow you to make a lower offer that the seller would be willing to accept, even if he/she wanted a higher price. Another good idea is to bring a lender preapproval letter with you. If you make an offer and sellers see that you are qualified to buy, they will take your lower offer more seriously.

Buying a house requires more than simply finding a property and suggesting a price. It is a long process that takes some research, especially if you want the most bang for your buck.

Posted in Buying Tips, Tips and Ideas - Tagged buyer, buying a home, closing costs, negotiating with a seller, overpriced for the market, seller
SHARE THIS Twitter Facebook Delicious StumbleUpon E-mail

Making an Offer

Sep08
2009
1 Comment Written by Alicia

Shaking Hands

As a homebuyer, you’re currently in luck. It’s a buyers’ market. You may have the power to bring down an asking price and score a deal that better suits your financial abilities. However, you shouldn’t plan on only presenting a really low offer that a seller most likely won’t consider unless they are desperate to move in a hurry. And if a seller has other offers, they’ll deny yours in no time. With research and intelligent consideration, you can offer a reasonable price in a professional manner.

When buying as a FSBO (for sale by owner) customer, you are cutting out the middle man and talking directly with a seller about making a formal offer. To successfully complete this process, here are the steps to follow:

• Get prequalified for a loan, if you need one. This will make sellers more comfortable with accepting an offer from you, it will make the process faster once your offer is accepted, and it will assure you that you are able to provide the offer that you make.

• When you become interested in a house, try to find out why the seller is selling. If they need to move as soon as possible, your chances of scoring a deal are higher. If they can take their time, or if they have multiple offers, your offer will need to be more impressive.

• Research other houses in the area that are of a similar size and location, and were recently sold. Keep track of how much these houses were sold for, so you can use this information in your favor during the negotiation process.

• Head to an office supply store and pick up a generic contract, or print one out from your state’s official website. These forms will provide standard instructions with what information you need, such as the address, the sale price, a target date for closing, the offer, and how much of a deposit will accompany the offer. You can also describe contingencies of the potential sale, such as having the home inspected first or selling your house first.

• Once completed, deliver the contract to the seller. Then wait for the seller to get back to you with what will probably be a counteroffer. If more than five days pass without any word, contact the seller and ask for an update.

• You don’t have to inform the seller of personal information, such as why you’re moving, your housing status or your financial status. However, you will need to prove that you are preapproved for a loan and are able to pay a deposit. Research what information you do and do not need to share with the seller.

• If a negotiation is met, sign the contract in the necessary areas. You can give earnest money directly to the seller, but a better option is to pay a title company, who will keep your money held in escrow. For more information on title insurance that Buy Owner offers, click here.

• Complete the loan approval with your lender, which will transfer the title over to the seller once all the documents are signed by both of you. You now officially own a house!

Posted in Buying Tips, Tips and Ideas - Tagged negotiations, shaking hands
SHARE THIS Twitter Facebook Delicious StumbleUpon E-mail

About the BuyOwner.com Blog

Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

You can read more about BuyOwner.com here.

Article Archives

Buy Owner Links

  • BuyOwner.com on Facebook
  • BuyOwner.com Testimonials
  • BuyOwner.com Website
  • Twitter: Buy Owner

Blog Roll

Real Estate Top Blogs Real Estate Blogs - BlogCatalog Blog Directory Add to Technorati Favorites Find the best blogs at Blogs.com. Blog Directory Home Improvement Blog Directory

Subscribe

Enter your email address:

Delivered by FeedBurner

Tags

31 reasons to sell with buy owner adding value to your home buying a home buying a house buy owner Buy Owner experience curb appeal decorating eco-friendly eco-friendly tips environment florida fsbo Green Living holiday home decorating Home Improvement home improvements home ownership home selling how to sell your home interior decorating interior design kitchen Market News moving real estate real estate market real estate selling real estate tips Regional Info selling selling a home selling a house selling Buy Owner selling by owner selling for sale by owner selling fsbo Selling Tips selling with buy owner selling your home spring staging using buy owner winter

EvoLve theme by Blogatize  •  Powered by WordPress BuyOwner.com Blog
Tips and info for people selling & buying their homes "Buy Owner"