When you are selling a house, price, condition and exposure are usually the three most important factors. This is especially true in a down market.
Price
Your asking price is based on two things, an appraisal and a comparative market analysis. A certified appraiser performs the appraisal; this is an estimate of the value of your house at a given time. The real estate agent does the comparative market analysis; this is an informal estimate based on comparative homes in your neighborhood. These two sources need to be kept in mind when determining your asking price. You want to be careful not to start too high, or come down too low. Also, the market is always changing and fluctuating, so be sure that your asking price is based on the most recent appraisal and comparative market analysis. I can help you price your house so that it will be attractive to buyers.
Once you have had a buyer make an offer and you have accepted it, you both have certain responsibilities you must live up to. There are two standard contingencies that ensure both parties are covered. There is a financing contingency - this makes the sale dependent upon the buyer’s ability to obtain a loan. If they cannot, the seller is free to open the house back up to the market. Then there is an Inspection contingency - this ensures the buyer a professional inspection of the property to their satisfaction. Once a buyer has put down a deposit, they forfeit it if they back out of the deal for any reason not stipulated in the contract.
In most purchase transactions there may be a slight challenge or two, but most things will go quite smoothly. However, you want to anticipate potential problems so that if something does go wrong, you can cancel the contract without penalty. These are called "contingencies" and you must be sure to include them when you offer to buy a home.
Once you find the home you want to buy, the next step is to write an offer – which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s shoes and ....
When you prepare an offer to purchase a home, you already know the seller’s asking price. But what price are you going to offer and how do you come up with that figure?
Determining your offer price is a three-step process.
First, you look at recent sales of similar properties to come up with a price range. Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home. Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.
My Website is updated dailly and has over 9000 TriCities TN VA home and property listings to browse. View homes and property in Bristol, Kingsport, Johnson City, and surrounding area. I cover the entire region and can show you any property on this website.
Josh Taylor Affiliate Broker - RE/MAX Results 423.366.2353 Call, Text, or Email Anytime.