It Pays to be Prepared

1. Determine if it is a 'Buyers' or 'Sellers' market?

What is the 'average days to sell'?
Sales to Listings Ratio?

2.Recent Comparible Sales: Purchaser's financing may require a 'certified appraisal'.

The appraiser will use recent sales in the area to establish value.

3.If possible be informed about the buyer/seller. Is the buyer pre-approved in writing by the lender?

Why are the sellers moving? Job transfer? Fixed date to move?

4.Negotiation Options: How long has the home been for sale? Price reductions? Previous offers?

Would a large deposit at subject removal strengthen the contract? Starting offer strategy?

Being Prepared can be Beneficial

5.Know your financing options. Interest rates changing soon? Variable or fixed rate? Will pre-payment priviliges be important?

6.Be ready for negotiation. Talk about the possibilities so when it happens, you are confident to proceed.

7.Meeting the buyer/seller in the process [with your realtor]: Discuss the pros and cons in advance, depending on your style.

8.You may consider buying the home 'as is'. The seller may be out of town or unwilling/unable to complete the necessary repairs upgrades, so the price is discounted.

There should be an advantage for you to complete the repairs/upgrades if you are willing to take the risk/responsibility.

Wisdom of the Experienced

Those have who have owned Real Estate long term and successfully negotiated purchases/sales are often willing to share
their wisdom. You probably know these people. Ask and you may receive...