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...

 

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.