I've been negotiating home purchases for Buyers in the greater Cashiers, NC area for over 10 years now, and as we continue to pull out of the housing market slump, understanding the history of the local market statistics have become invaluable. Here are 3 tips to remember during the deal-making process of your home purchase:
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#1: BE QUICK ON THE UPTAKE
It is critical to respond to counteroffers as soon as possible and to avoid making a counteroffer with any term that is not truly a deal breaker. Delays in responding leave the door open for another buyer to step in and create a bidding war, or even more likely, for the seller to perceive that other serious buyers might be out there. A seller's mere perception of a potential bidding war is a homebuyer's number one nemesis, ratcheting up the possible sales price in the seller's head on an exponential basis.
It is critical to respond to counteroffers as soon as possible and to avoid making a counteroffer with any term that is not truly a deal breaker. Delays in responding leave the door open for another buyer to step in and create a bidding war, or even more likely, for the seller to perceive that other serious buyers might be out there. A seller's mere perception of a potential bidding war is a homebuyer's number one nemesis, ratcheting up the possible sales price in the seller's head on an exponential basis.
#2: CUT IN THE MIDDLE (WO)MAN
When you want to ask or tell the seller something, always go through your real estate agent, who will communicate your request or concern to the seller's agent. I know it seems inefficient, but it is truly a rookie move to contact the seller directly. Mostly because the terminology is tough to master and legally sensitive. Also, some seemingly minor changes to your agreement with the seller might create problems with your lender; your Realtor is better equipped than you to see these problems ahead of time. You hired your agent, so use him/her! It will prevent the catastrophic misunderstandings that can result when you or the seller says something even slightly different than what you each actually mean!
When you want to ask or tell the seller something, always go through your real estate agent, who will communicate your request or concern to the seller's agent. I know it seems inefficient, but it is truly a rookie move to contact the seller directly. Mostly because the terminology is tough to master and legally sensitive. Also, some seemingly minor changes to your agreement with the seller might create problems with your lender; your Realtor is better equipped than you to see these problems ahead of time. You hired your agent, so use him/her! It will prevent the catastrophic misunderstandings that can result when you or the seller says something even slightly different than what you each actually mean!
#3: GET THE SKINNY ON PENDINGS
When the sold comps aren't that similar as in the Cashiers- Highlands area or sold a long time ago, a buyer can go crazy wondering what price the buyer of that pending comp agreed to pay for the place. Sometimes the listing agents of pending comps can be sweet-talked into giving up the dirt. Your real estate agent can call them up, explain the situation, and ask obliquely for contract price hints, like "Did it sell for over (or under) asking? About how far over (or under)? What was the list price to sales price ratio? Did you have multiple offers?" And you can also make some educated guesses; the longer it was on the market, the less likely it sold for the asking price. The opposite is true, too. If it went off the market really quickly, it probably sold at or over the asking price.
When the sold comps aren't that similar as in the Cashiers- Highlands area or sold a long time ago, a buyer can go crazy wondering what price the buyer of that pending comp agreed to pay for the place. Sometimes the listing agents of pending comps can be sweet-talked into giving up the dirt. Your real estate agent can call them up, explain the situation, and ask obliquely for contract price hints, like "Did it sell for over (or under) asking? About how far over (or under)? What was the list price to sales price ratio? Did you have multiple offers?" And you can also make some educated guesses; the longer it was on the market, the less likely it sold for the asking price. The opposite is true, too. If it went off the market really quickly, it probably sold at or over the asking price.
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