How To Drive Home a Great Deal For a Buyer
by: Jeff Quintin, on June 19, 2012 - Uncategorized
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So where exactly are all those “great deals” we’ve been hearing about during the past couple years? Yes, interest rates are low and yes the overall price index is lower than it’s been in years – but how can buyers get in on this advantage?
The truth is that unless they have a real estate agent that is knowledgeable, savvy and up-to-date on the latest market conditions, they’ll have a hard time. But aside from the obvious, there is another aspect to negotiating a great deal that many agents are not even aware of.
There Are Always Three Sides in a Buy/Sell Transaction
Now, you know there is the seller and you know there is the buyer so you may be asking, “What is a third person doing in the transaction? “ And the answer is the seller’s agent. That’s right. Unless the seller’s agent is convinced that the offer on the table is a good one, it will be a tough sell. In fact, selling to the seller’s agent is my best tactic. Why? Because their agent is the one person representing them that will be able to demonstrate the reason their home is getting an offer at a certain value.
You see, before even walking into a home I advise my buyers to prequalify the seller. We ask important questions that are relevant to the task before enticing the buyer with a home they potentially can’t have. Many sellers price their home against the advice of their agents. Others ignore their agents’ suggestions and price according to a goal that must be met such as ending up with a set amount over their mortgage balance. Still, unless the selling agent is able to convince the seller that our offer is a fair one, the entire process is pointless and often falls through.
Education, Awareness and Willingness to Accept Reality Are Key
A seller (and buyer) must be willing to accept the market for what it is, whether that means lower home prices as they currently are with it largely being a buyer-centric property climate or if market values are rising due to a shift in the marketplace. On the flip side of this, when I am representing a seller the first thing I do is to sit down with them and educate them on what they can realistically expect for their property. Savvy sellers (and buyers) know that the market is constantly fluctuating and that is one of the reasons that their Realtors sit with them to weigh the pros and cons of getting into a real estate transaction at the time.
The important thing to remember is that buyers are driving the values, even determining the values of homes through their activity. Of course after all the research is done, CMAs performed, and all other considerations looked at – the bottom line is one’s personal value and how much value they place on owning (or moving on from) the property in question.
If you want to explore today’s deals and end up with a successful offer on your dream home, contact me today! We’ll find that perfect home and get started prequalifying the seller right away. Remember, there is a sale that has to happen before the sale can actually happen – and I’m here to help you through it!