Princeton Town Topics – Let’s Talk Real Estate – April 22, 2009
OFFERS AND COUNTER-OFFERS–Part 2
Last week’s column talked about negotiating a real estate transaction as a means to bring the buyers and sellers together. If you are the buyer, you should be prepared to submit an offer and to respond to the seller’s counter-offer. The price you offer is only one aspect of the process, and you have plenty of other terms you can negotiate with the seller.
The Realtor will act as the conveyor of information. There are a few factors to look out for in such negotiations: 1) include a finance contingency, even if you have loan pre-approval; 2) insist on an engineer’s, termite and radon inspection contingencies; 3) itemize the personal property you want included, such as chandeliers or drapes; and 4) submit the closing date you prefer.
Buyers should be prepared to make their best offer first, but if that offer is not acceptable to the seller, they should expect to go through a round of counter-offers.
