Real Estate Resourses: Negotiating Contracts

By
Real Estate Broker/Owner with Keller Williams Realty

Negotiating Your Real Esate Offer

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Negotiating is the most challenging aspect of the home buying/selling process. The buyers are trying to negotiate the best deal for them. You are trying to negotiate the best deal for you.   Each offer should be taken seriously and every effort should be made to successfully negotiate it into a contract.

There are three essential parts to a valid contract; Offer, Consideration and Acceptance. The OFFER is  what the seller wants to receive for his CONSIDERATIONACCEPTANCE is when both parties are in agreement to the terms, and consideration; in other words acceptance is what the seller is willing to give you in exchange for what you are willing to give him.

Once your offer is made, you and your Realtor may need to enter some negotiation in order to reach an agreement. Keep in mind that almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process -- that is, if you have adequate information and you use it in an appropriate manner. Your agent will have the market knowledge and negotiating expertise necessary to make sure that your offer is accepted at the best price and terms possible for you.

Some of the things that you may have to negotiate are:

  •   The price
  •   Financing
  •   Closing costs
  •   Repairs that need to be done
  •   Appliances and fixtures
  •   Landscaping
  •   Painting
  •   Occupancy time frame

There are three outcome variables when a real estate contract is drafted by the buyer and presented to the seller.

  • The seller will accept the terms = contract.
  • The seller will change the terms = counteroffer.
  • The seller will reject the terms = the end, start over or walk away.

The key to successful negotiating is keeping in mind that the end result must make the buyer, and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.

 

 

Thinking of Relocating to Ridgeland MS, Brandon MS, or Madison MS?  The Herrington Realty Company is committed to making the relocation process a smooth transition.  Our team of professionals consists of Madison MS, Brandon MS and Ridgland MS Real Estate Agents that will provide you with a complete RELOCATION PACKAGE designed with your needs in mind.  We help familiarize buyers with every aspect of our city, from our schools and neighborhoods, to local government and taxes.  

We work with many nationally recognized relocation companies across the country to assist and ensure that employees have a smooth transition into their new homes and communities.  Referrals from these relocation resources provide us with qualified buyers who will be among the first to learn about your home.

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