What to do when you get a Real Estate Counter Offer

By Gloria Smith

The home buying process is not always guaranteed to be smooth and many buyers as well as real estate investors know this. Even though as a potential buyer you have offered a fair market price for the house of your dreams, sometimes homeowners are not readily amenable to it. It is for this reason that buyers and their agents should be equipped with the right negotiating skills that will help succeed in closing a deal.

It’s advisable that even before making a purchase offer, buyers should be properly informed about the vital aspects of the transaction. Find out if the asking price of the home you would love to buy is reasonable enough. Know that a residential property sold at more than 10 percent of its average market value could be considered overpriced. Check too if the house needs major fixing and the cost entailed as well as if the seller is really bent on disposing of his or her home.

So don’t be taken aback if after you have submitted your purchase offer, the home seller makes a second thought and counters your offer. There are even instances when two to three counter offers will be made by the seller if his or her selling price is not met.

Keep in mind that offering a low price is a good option most of the time. Avoid pressures that will make you increase your offer beyond your financial capability. The seller may expect much from you or the real estate agent may be a bit pushy but remember that you are the buyer and the decision is yours to make.

Real estate experts also point out timing is utmost importance when dealing with a counter offer. Normally, the sellers feel they are in control of the transaction if the buyer immediately responds to the counter offer. The negotiation is not giving the seller any stress hence, the feeling of being at an advantage. However, if the buyer gives a little time allowance say a few days or a week after getting the counter offer and informs the homeowner about considering other properties, that may make the seller think twice about asking for a much higher price.

Another strategy is to accept the property in an “as is” basis. This you can do especially if you included a home inspection contingency in your original purchase offer that would give you the right to check the house and request for repairs from the seller. You can keep your right to inspect, though, even if you agree to purchase the house “as is.” And should you find major defects later on, you can always decline to buy the property.

Buyers should know when to accept the offer and this would be if they feel that the counter offer is already closer to their own purchase price. But if in case the price difference is still very wide, then more negotiations will have to be made. Buyers who are more prepared will be able to work it out soon enough. Ensure that you have facts to support your purchase offer such as comparable selling prices, list of repairs needed and estimated costs. In this way, you can be sure that the seller will give you the necessary attention.

Learn more about what is included in a Real Estate Counter Offer to Addendum. Purchase this form for only $4.99.

How to Market Your Home When Selling For Sale by Owner

By Gloria Smith

If you are sellilng your home for sale by owner you may have an easier time now because of the various marketing strategies available to you. All it takes are some research, consultation with the right professionals and the determination to proceed with the transaction whatever the costs. In other words, you can sell your home yourself, but NOT by yourself. You still need some professional advice to help you along the way.

The first step you’ll need to do is to list down the features of your home that will attract potential buyers. Include the number of bedrooms, maybe some special rooms or perhaps a Jacuzzi or swimming pool, the location, the neighborhood and the proximity to public transportation and other facilities. Take photos of the exterior and interior of your home for use in flyers, print ads and web listings.

From there, you can start spreading the word to friends, relatives and neighbors that you’re selling your house. When they hear about this, the news will surely spread to other people they know who may be in search of a new home.

An open house is also a great way to market your property. Do schedule this activity so you can prepare well for the coming of visitors. Of course, don’t forget that “For Sale” sign on your front yard as a way to inform people who drive by your place.

In addition, be sure to cleanup first from the outside to the inside of your home to make it attractive to your buyers during your open house. Rid of all the clutter around the place, organize your furniture and fixtures, repaint walls and ceilings and make the house smell good. Remember that space and a relaxing ambience are vital to most buyers.

Next is to print out flyers or cards and distribute them in public areas. Your flyer should contain important information about your property, a map and one or two photos if possible. You could save some funds if you know how to make them yourself.

If you have extra budget, you can advertise in the classified ad section of your local newspaper. Keep in mind to use catchy words when describing your home and do include photos as well. You can even offer an incentive like a “finder’s fee” for those who can refer a buyer to you.

You can also hold a garage sale if you’re planning to get a little something from your extra and used furniture, accessories, fixtures, beddings and the like that you no longer need. Many people are addicted to garage sales and you just might find a buyer for your home, you never know.

You should contact a real estat attorney and find out what your state laws are regarding selling your home. What disclosures will you need? What are some common contingencies you should include in your real estate contract? Have a qualified attorney give you advice is priceless!

You should also find a mortgage broker or lender. They will help you qualify potential buyers, and can give you an idea of what a payment might be on your house. Buyers want to know first IF they can afford the payment on your home.

Finally, the web home listing service should never be missed. The internet today has become an amazing marketing tool for any item being sold. There are web listing services that you can use for free or for a minimal fee. A user will be provided with an individual web page where all the information and photos can be posted for a specific period of time.

Preventing First Home Downfalls

Buying your first home is a very exciting time in a person’s life, but it can also be very stressful and have the potential of becoming a disaster if you do not know what you are doing before you make your purchase. Because of the large changes that occur when you buy your first home, there will always be those who will get in over their head.

The main thing that you must know when you are purchasing your first home is where you stand with your search. One of the largest mistakes that many first time home buyers will make is deciding on one specific home and then only investing in that home because they became emotionally attached to it. This can cause several problems. The first problem is that you may not be able to purchase the home because something happened during the process and the deal fell through. The second problem that people will face is making an offer that is either too high or too low. It is important to make sure that you know what the house is worth and how it fits into your financial needs before you make an offer. This will prevent you from paying too much and it will also prevent you from making an offer that is too low and not getting the house.

It is important to not let your emotions get in the way when you are searching for a home, but you should also keep your emotions in check after you have chosen a home. Even though you may have signed a contract on a home, the purchasing process is not over. There are still several steps that you will have to go through with the home inspection being one. If there is a large problem with the home, or if something goes wrong during the loan process, you will have to start your search over and find a different home.

The last thing that you need to remember is your budget. To determine what your budget should be, you can look at your credit history and your credit score. If you know what your credit score is, you will be able to estimate the type of loan that will be best for you and this will prevent you from purchasing more house than you can afford. If you are care from the beginning and stay detached and use your head when purchasing a home, you will be able to find the best home to suit your needs and wants.

Marketing Techniques - Selling Your Own Home

Home owners planning to sell their property on their own have an easier time now because of the various marketing strategies available to them within easy reach. It’s a combination of using your head and your mouth to successfully sell your home to the right buyer.

Finally, the web home listing service should never be missed. The internet today has become an amazing marketing tool for any item being sold. There are web listing services that you can use for free or for a minimal fee. A user will be provided with an individual web page where all the information and photos can be posted for a specific period of time. Look for a local for sale by owner first. These sites will target the buyers you are looking for. Example websites: Bellefontaine Ohio FSBO, Madison WI FSBO, FSBO Sonoma CA. Search google for FSBO your city or state.