Once an offer is received, you have the option of accepting the offer, or submitting a counteroffer. Seldom are real estate deals closed on the first offer, although this does happen at times when the market is soft and there are a shortage of buyers. But most times buyers and sellers are involved in negotiations for the property.
Negotiations is a complex matter and all transactions are unique. Both sides – buyer and seller – want to feel that the outcome favors them, or at least represents a fair balance between the parties. I am very experienced at negotiating real estate transactions and can help and guide you through the process.
Develop a Strong Bargaining Position
Know the Market
Real estate markets vary over time as supply and demand changes. Sometimes we are in a “buyer’s” market, while other times in a “seller’s” market. Our Oklahoma economy has remained strong throughout the recent housing slump so traditionally we have been in a “seller’s” market. This has varied slightly over the past 5 years but for the most part there has been strong demand and limited availability. This means it has been a good time to sell a house in the metro OKC real estate market for a number of years. Know where the market stands – knowledge is power.
Who has leverage?
Have you just been laid off and need to sell your home? That reduces your leverage. Has a company recently opened a new manufacturing facility nearby and is transferring employees to central Oklahoma? Knowing what is going on in the market helps you understand who has leverage in negotiations. The more leverage you can gain, the stronger your negotiating position is. I can help you understand the local market so you have a better understand of your leverage position.
What are the details?
A lot of attention in real estate is paid to transaction prices. This surely makes sense, but the key to a good deal may be more complex.
Consider two identical properties that each sell on the same day for $375,000. The houses are the same, the sale prices are the same, but are the deals the same? Maybe not. For instance, one owner may have agreed to paint the property, replace the roof, purchase a new kitchen refrigerator, and pay the first $3,000 of the buyer’s closing costs. The second owner made no concessions. Know the details of the offer that has been made. Don’t focus on the price only.
I can guide you through the negotiation process and help you find the best offer for your home. Sometimes an offer comes in low that you might want to toss immediately. Often times that is just a buyer “running it up the flagpole” to see if their offer has traction. We can often negotiate even a low offer into something that works for everyone.