One of the biggest purchases in a person’s life, buying a house is a big deal. Such a life-changing event shouldn’t be entered into lightly. So, as a realtor who respects their clients and is looking to build their reputation, it’s essential to have the right real estate buying tips to both cinch the sale and protect the sellers.
Six Steps to Helping Sellers Present the ‘Right’ Offer:
Search for comps and consider local market data to surmise fair market price, considering the seller’s original purchase price and date to determine offer flexibility.
2. Find financing
Be sure to have prospective buyers get a pre-approval for the offer to ensure it is taken seriously. Given multiple offers, sellers will always lean toward those backed with approved financing.
3. Protect buyers with contingencies
Including a home appraisal and acceptable inspection, as well as a commitment of agreeable financing terms, making certain the buyer fully understands each before submitting. These are essential to protecting the buyer’s right to cancel the contract without penalty and preserving their down payment money.
4. Safeguard funds
Arrange to hold the down payment deposit in an escrow account (not with the seller). This way, money can easily be recouped if the offer falls through, or deducted from purchase costs at closing.
5. Make it official
Put together a written “purchase agreement” for delivery to the seller’s agent that meets state legal requirements, including:
• Financing terms
• Escrow details
• Closing/possession dates
6. Sign on the dotted line
Accept/counteroffer until a price is mutually agreed upon or either party exits negotiations. Work with a legal team as necessary to navigate and fully understand the contract, as once the offer is signed, it is binding.
Looking for winning real estate buying tips? Put yourself at the head of the pack with the help of Properties Online today.