Massachusetts Real Estate- Merrimack Valley
How to negotiate an offer on a home is very individual to a home buyer. There are many variables to negotiating an offer on a home. Some of the variables are specific to the home buyer, some are specific to the actual home and some are specific to the real estate market at a given time. Understanding the contracts and the process is also an important consideration when tendering an offer on a home. Some things to consider:
Step 1- Make sure you have a good pre-approval letter. If you are putting very little money down it is hard to compete with other offers that are putting a significant amount of money down or paying all cash. You don’t want to get hung up on a weak pre-approval.
Step 2- Determine fair market value of the home you are interested in putting in an offer.
Step 3- Put a negotiating plan in place based upon the above considerations.
Step 4- keep emotion out of the negotiating and stick to your negotiating plan so as not to be disappointed later on.
One last point for buyers to remember is that an offer is not legal and binding until it is fully executed. Meaning, the offer is signed by both buyer and seller. Just because you have submitted an offer does not mean that you have suspended showing activity or prevented other offers from being tendered. I cannot tell you how many times a buyer (can happen to sellers to) can be disappointed because they have dragged negotiations out over days, sometimes weeks, over a small point or small amount of money, only to have their offer trumped by a better offer, causing them to lose a home.
Once you start negotiating it is important to negotiate in good faith and wrap up the negotiations quickly so you may put your dream home under agreement!
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This post, How do I Negotiate an Offer on a Home, was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
I pride myself in the quality of my work while helping buyers and sellers make dreams come true.
Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury