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OREGON REAL ESTATE AGENCY DISCLOSURE PAMPHLET |
Make the OfferOnce you've found the home you want, it's time to negotiate the price. Find out about various factors to consider when preparing to make an offer. You now know what you can afford. Now decide just what you're willing to pay for the home you want.
Knowing that you do not want to over pay for a home, but also not wanting to lose the home to another potential buyer can get tricky. In a "sellers" market, many agents suggest to put your best foot forward in a sense and submit your best offer. A buyers market is tackled a little differently so it is important to know which one you are dealing with. It is also a good idea to have your agent call the listing agent to ask whether there are any contending offers or seriously interested parties in the property in which you plan to make an offer; this could mean the difference between getting the house you want or losing out to another buyer and starting back at square one. Even if the home you want has been on the market for years, buyer interest comes in waves and many times you can find yourself battling another buyer on a home that has spent an extended amount of time on the market.
Ask your agent to put together an analysis of comparable properties. There should be several on the list. No two will be exactly alike, but they should be similar enough to serve as a useful tool in setting an offering price.
Put it in writingNow what? Work with your Realtor to prepare an offer to be presented to the seller which sets out commitments and promises that you and the seller need to agree on and fulfill in order to make the sale go through.
Do your negotiating in writing and don't move forward on any verbal comitments. Don't reveal your strategy, and don't make oral offers. You want to buy the house, so now is the time to show the seller you are serious. An offer in writing is binding if signed, a verbal agreement means nothing. You'll have plenty of opportunity to change your mind if the house exposes major or undetected flaws. A good purchase contract will protect you to a point where you are 100% satisfied with the home, so don't get hung up on too many details in the beginning.
The opening bid and further negotiationsWhether you should go ahead and make your highest bid right away or test the waters in the form of a lower offer depends on how fair the asking price is, how many buyers you may be competing with and what other enticements desired by the seller you can offer. Asking prices often have a good bit of padding built in. You shouldn't offer the asking price, or something close to it, just because that's what the owner wants. Offer what you think the house is worth. If the seller wishes to negotiate, he or she will present you with a counteroffer. Sometimes negotiating goes on for days: offer, counteroffer after counteroffer. More commonly, though, an agreement is reached on the second or third counteroffer.
The negotiation period is the most crucial, so make yourself available. Whether you comunicate through email, fax or phone, be sure that you are able to stay in constant contact with your Realtor throughout the negotiation period.
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