Negotiating: Is accepting a low offer a good idea?

As the home seller, you must make your mind up as to exactly how much you are willing to sell your home for and work toward negotiating toward a price you would be happy with.

Here are some factors to consider:

Is the offer contingent upon anything such as the sale of the buyer’s current house? If so, that offer, even at full price, may not be as attractive as an offer without that condition. This is something to consider when negotiating.

Is the offer made on the house as is? Or does the home buyer want the seller to make some repairs or to lower the price instead?

Is the offer all cash? If so, an offer at less than the real estate seller’s asking price may be more attractive to the seller than a full-price offer with a financing contingency.

Do I have to consider contingencies?

If you are a real estate seller in a seller’s market, where the demand for housing is greater than the supply, you probably won’t have to consider too many contingencies. The Brooklyn real estate market is such that there are certain areas where the demand for real estate is perpetually higher than the supply. Your Awaye Realty Real Estate Professional can advise you if your real estate property is located in such an area.

However, if you are selling you home in a buyer’s market when there are many available real estate properties on the market and not so many buyers, you should be more open to flexibility.

Granting contingencies also depends upon what kind of price you want to get for home for sale, and on the condition of your real estate property. Remember, contingencies are written into the contract and are negotiable during the negotiation phase only.

Is there a secret to good negotiating?

Information is your greatest asset. Learn as much about the buyer as you can. Play your cards close to your vest and do not reveal too much information to the other party or their agent. Keep your cool and don’t allow yourself get rushed into any decision, no matter how tempting it may be. Remember, your Awaye Realty Real Estate professional is on your side and will act as an intermediary between you, the property seller, and the real estate buyer. Our real estate professionals know how to negotiate, and know what is fair in your local real estate market. Use their real estate expertise!

What contingencies should be put in an offer?

Most real estate offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers’ ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. A buyer can forfeit their deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.

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