- Let's just see how motivated/ desperate they are to sell.
- I'll kick myself if I could have got this house cheaper- so let's go in a little low
- They're so overpriced we have to come in somewhere
Wednesday, October 29, 2008
Low Ball Offer: A Seller's Perspective
Monday, October 27, 2008
I'm earnest....honest
Buyers can lose their earnest money by backing out of the deal after the purchase agreement has been accepted by both parties. Once a seller accepts an offer on the property, showings will often dwindle or cease altogether, so if a buyer backs out, at least they have something to show for that time wasted.
Wednesday, October 8, 2008
Inspection Credit
When one is purchasing a home, it is ALWAYS strongly advised that he/she/they have a home inspection. Once the contract is negotiated and accepted, a buyer will have a specific number of days to have both a home inspection and attorney modification- it's negotiable, so the the number of days can change.
I'll go into specifics of home inspections in future blogs- this one jumps the gun and talk about what to do once said inspection is complete. A buyer has a right to ask the seller to repair or give credit for issues found in the home.
BUT a provision in the contract that is OFTEN overlooked is: The Parties agree that repairs which do not exceed $500 in the aggregate to remedy,shall be considered minor deficiencies for the purpose of this Paragraph, and buyer agrees to assume those repairs with no allowance from Seller.
This is my blog for today because I have a buyer purchasing a listing of mine for a good $10,000 under it's market value and nit-picking over $100 in menial repairs. Uggh. It really should be your REALTOR's job to explain that provision on either side of a deal (buyer or seller). Houses aren't perfect- NONE. A 50 year old house has flaws. A 5 year old house has flaws. A brand-spankin' new house has flaws. There's a little bit of buyer beware to be had, and that's why a great home inspector should NEVER be overlooked.
Tuesday, October 7, 2008
Market Time Myth
Now I'm not oblivious to the wheeling and dealing in real estate by any means- I'm quite the established negotiator. I understand a buyers thought that 'If it's been for sale a long time, we might be able to low-ball them and get a great deal." It's possible- though usually not likely.
But the notion that a house becomes worth less money because it's been on the market a long time slays me. A house has an extended market time because the BIG 3 have not been satisfied to procure a buyer....but most importantly because of its price. If that same $200,000 house hit the market at $240,000- there's no wonder why it's been on for a long time.
There are plenty of reasons why houses become worth more or less money- but market time really is not one of them.
Since I missed yesterday's post you get two Rocktober quotes today: