Tips in Negotiating a Real Estate Contract
Home Buying Negotiating Tips
When it comes to buying a home in Upstate NY, the ability and willingness to negotiate is a must for both the buyer and seller. In general, sellers ask for more than they are actually willing to accept and buyers offer less than they are willing to pay. The trick is to find the perfect balance so that you, as a buyer, feel good about the purchase price without leaving the seller feeling insulted.
Nobody Likes Rejection
Not every offer is accepted, so don't be disheartened if your first offer isn't a winner. In some cases, the seller will make a counteroffer for your consideration. Have you ever heard the old saying, “never take the first offer?” The same is true in real estate, and almost every seller knows it. Your first offer is likely to be less than you are actually willing to pay, which leaves you some bargaining room.
Why Your Offer May Not Be Accepted
There are a number of reasons why a seller may choose to reject an offer, including a feeling that the offer was just too low, the house is newly listed on the market or another offer may be higher than the one you created. In some cases, sellers may also reject an offer that includes owner financing or other requests that are impossible to meet. One example may be an offer that requires the house be available within a certain amount of time. Most contracts require that the seller move out within 45-60 days, but anything less would require negotiation.
Read The Fine Print
Before you sign anything relating to a real estate transaction, make sure that you read over every detail of the agreement. If you have any questions, call our offices in Otsego County in Oneonta, NY or in our Delaware county office in Delhi, NY. After all, real estate is our business at CENTURY 21 Chesser Realty and we are there to help you through every step.