| 1 |
HOW
LONG HAS THE PROPERTY BEEN ON THE MARKET? |
|
WHY:
The length of time a property has been on the market may
indicate the seller's willingness to negotiate. |
| 2 |
HAVE
THERE BEEN ANY PRICE REDUCTIONS DURING THE LISTING PERIOD? |
|
WHY:
The amount of any price reduction, as it relates to the
overall purchase price, may indicate the seller's desire
to attract an offer. |
| 3. |
HAVE
THERE BEEN ANY OTHER OFFERS ON THE PROPERTY? |
|
WHY:
It will be helpful to know what offers may have been
turned down and for what reasons. |
| 4. |
WHAT
IS THE MOTIVATION OF THE SELLER? |
|
WHY:
Motivation is a key element in any negotiation. As
an example, if the seller has already purchased a new
property, your ability to close quickly may be an
attractive element of the negotiations. |
| 5. |
WHAT
PERSONAL ITEMS ARE INCLUDED IN THE SALE? |
|
WHY:
Anything the seller is willing to leave behind that you
won't need to buy when you move in has real value.
Consider those item in your offer.
|
|
Neighborhood
Specific
|
| 6. |
WHAT
IS THE PRICE RANGE OF SOLD PROPERTIES IN THE AREA? |
|
WHY:
This information is important as it will indicate the top
and bottom of that specific market. |
| 7. |
WHAT
IS THE AVERAGE TIME ON MARKET FOR PROPERTIES IN THIS AREA? |
|
WHY:
Short market times may indicate a sellers' market.
If this is the case you may face competition from other
buyers. |
| 8. |
WHAT
IS THE LIST TO SALE PRICE RATIO IN THIS AREA? |
|
WHY:
This information will indicate the sellers' past
willingness to negotiate and by how much. |
| 9. |
WHAT
IS THE AVERAGE SALES PRICE PER SQUARE FOOT OF RECENT
SALES? |
|
WHY:
This approach to establish value works best in a P.U.D.
and/or where there are similar homes, lot sizes and
improvements. |
| 10. |
WHAT
OTHER KNOWN FACTORS ABOUT THE NEIGHBORHOOD OR THE PROPERTY
COULD AFFECT VALUE? |
|
WHY:
Review the seller's Disclosure Statement very carefully
with your Sales Associate. |
|
|
|
Final
Recommendation
|
| * |
If you
will be financing the property, get pre-approved for a
mortgage prior to making your offer. This will show
the seller your commitment and ability to perform.
Pre-approval can be extremely important in a sellers'
market. |
|
|
|
*
|
Depending
on the type of agency relationship you have with your
Sales Associate, he or she may not be able to assist you
with these questions. |
