Real Estate --- Ready to Negotiate A Real Estate Purchase Contract
When the time rolls around for the seller and buyer to negotiate the real estate contract, times can get a little rough. Each party is extremely eager to get everything they want exactly the way they want it. However, itís important to remember that the term is NEGOTIATION, and that tension doesnít need to occur at all. If both parties try to reduce stress, both sides will likely be content with the outcome and the rest of the process will proceed smoothly.
There are some things you should remember when entering into contract negotiations. Here are a few hints to help achieve positive results in creating a good real estate deal.
* Determine what you are trying to achieve.
a) a better price for everyone
b) closing as soon as possible
c) move into or out of the home in a timely manner
d) ensure a quality home with repairs and updates done
* Negotiate with reason not emotion
a) do not get angry
b) compromise fairly
c) do not be judgmental
d) make every point clear and understood
* Try not to negotiate standard or normal policies
a) If it is normal for the sale to be contingent upon an inspection, do not try to negotiate this
b) Normal date of possession should not be more than 60 days
c) The seller usually pays for the title search while the buyer pays for the appraisal is normal
* Listen to both sides of the negotiating table
a) The buyer may have good reason to make the offer he or she did
b) The seller may need to have more money to find another house
c) Be fair to everyone involved and the negotiations will go smoothly
* Never rule out anything
a) Sometimes a new way of thinking or a new approach may not be such a bad idea
The seller should take a business approach to the whole deal. He has a commodity which is in demand. This can sometimes make it hard for him to see the whole picture. When he realizes there are other houses for sale, he may think about the negotiating terms a little bit stronger. The buyer can always go somewhere else to get what he wants. On the other hand, the buyer needs to know the seller has to make a profit. This will allow the seller to move on.
There are times when the offer may be more than the asking price due to some financing issues with the buyer. He or she may not be able to obtain the whole down payment necessary for the loan. By presenting a higher price, the difference can be counted as part of the down payment. This is something which can be negotiated during a sale. When it comes to negotiating a real estate contract there is nothing which is out of the ordinary. You may have to be a little creative to find a solution which makes everyone happy, but it is worth it in the end. Your best move here would be to ask your real estate professional for their thoughts. A true real estate professional has been through many contracts and can point out potential problem areas. Heed their guidance, it could save you thousands!
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