Archive for November 2007 | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate

Archive for November 2007


Making An Offer About More Than Just Price
By Scott Rogers • November 1, 2007
When drafting an offer to purchase a property, there are many terms beyond just the contract price that must be carefully considered to maximize the possibility the offer will be accepted by the sellers. Even in what most would consider to be a buyers market, planning your offer must go further than simply determining the offering price. Negotiating points to consider include: PERSONAL PROPERTY Don't automatically ask for everything the seller intends to convey --- if you don't need them all, leave them out of the offer. Allowing the seller to keep their washer/dryer (for example) may make them more flexible in other areas. FINANCING Provide as much detail as possible about your financing intentions, and always include a pre-approval letter. Sellers who believe you are capable of financing the purchase will be less hesitant as they consider other terms of your offer. CLOSING COST ASSISTANCE Sellers don't just look at the contract price --- they calculate their net proceeds based on the offer price and any credits or closing cost assistance. Only ask for assistance if you truly need it. DEPOSITS Make the largest deposit you are comfortable with so the seller knows you have money "on the line" and that you won't risk losing that money by attempting to walk away from the deal. INSPECTIONS Having a professional inspect the property you are purchasing is usually a good idea; however if you only intend to do it for informational purposes, consider leaving it out of the contract negotiations and conducting it post-settlement. SETTLEMENT & POSSESSION If possible, cater your settlement date and the details of transferring possession of the property to the needs or wants of the seller. This can go a long way towards gaining seller flexibility on other contract terms. PURCHASE PRICE Generally, there are two strategies: offer lower than you are willing to pay and try to negotiate to an acceptable price through a series of offers, or... offer the highest price you are willing to pay and hope it is accepted on the first offer. Generally, the first strategy is used more often in a buyers market, and the second strategy more often in a sellers market. Finally, try and research the seller's context for selling. That information can be invaluable in negotiating a successful contract. Receive Updates by Email
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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