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Tips for Negotiating a Contract with a Seller1. Always make the offer and all counter-offers in writing. In most states, verbal contracts involving real estate are not enforceable. 2. Include the names of all of the owners on the contract and make sure that the offer is presented to all of the owners whenever possible. If one owner individually approves the contract, it does not mean that the other owner is obligated to accept it. 3. Put up sufficient earnest money to make the seller know you are sincere about the offer. Have the earnest money held in an escrow account rather than allow the seller to hold it. 4. Include personal property in the sale contract that is involved, and request a bill of sale. 5. It is very unlikely that a seller will make a serious counter-offer in response to an extremely low initial offer. You will tend to find out what the seller is willing to accept by making a fair offer first. 6. Being pre-approved will give you a firm loan commitment from a lender subject to a appraisal on the subject property. This can be a valuable tool in negotiating. It will remove some of the uncertainty from the contract. Experience shows that owners may take less because they know their home is really sold. 7. If you haven't seen a copy of the property disclosure statement prior to writing a contract, include a provision that will allow you to see and approve it. 8. Once you know that you want to write an offer on a home, do it immediately. You stand a better chance of getting a favorable agreement when you aren't negotiating against other offers. 9. Decide on what you feel is most important for the seller and try and give it to them in trade for something else. As an example, if you feel that allowing possession after closing is something the seller needs, maybe you can trade that for a lower price. 10. Most people find it is difficult to negotiate on their own behalf. That is why having an agent negotiate for you can be very valuable. That agent can present the reasons for your offer and might be able to say things that the listing agent or homeowner haven't thought of or considered. 11. Unless you are buying a property "as is", you need to include a provision in the sales contract allowing for a professional inspection. It should state which things are to be inspected, when the inspections are to be made, and who is to make repairs. It is not uncommon that if the repairs exceed a specified amount, the buyer has the option to void the contract. 12. If you or your spouse is out of town, a specific power of attorney can allow one of you to sign for the other. This can make negotiating a contract more expeditious. For more information, call me, your real estate professional, at 303-946-1192. |
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