Submit Offer OnEdwardsville Real Estate

Before Submitting An Offer To Purchase A Edwardsville Home For Sale...

An offer to purchase real estate in Edwardsville consists of much more than
throwing a number on the table. There are several components that make up a solid and successful contract that will not only protect you during the pending status, but will make the transaction go smooth
until & after the closing date.

 

NEVER:

Sign a builders contract, Sign a For-Sale-By-Owners Contract.
These types of contracts could be prepared by the sellers
legal council. They are, usually in no way written with your best
interests in mind... In fact for the most part, just the opposite.
If you find yourself being "high-pressured" into signing such
documents... BACK OFF. See your Lawyer...

ALWAYS:

Sign a contract prepared from a local board of Realtors.
In our local market, we use a standard contract that has
been time tested and proven fair to both buyer's & seller's.
I even find it easier to understand than a contract written
by an attorney.

TERMS ARE AS IMPORTANT AS PRICE|

When you offer a seller near of full price, you name the terms.
When the seller comes down to your price, usually.
the seller names the terms... In other words, lets say
you want to close in 30 days and the seller wants to close
in 90 days, that seller will most likely be required to
"give" on price... Time is money. Now flip that around,
you're coming in far below list price, the seller accepts it
and wants to close 90 days later, you'd be wise to accept it.

HOW MUCH SHOULD WE OFFER?

Depending on your situation, and also the sellers situation
there are several ways to look at this.
In a hot market with low interest rates (terms) it's hard
to "get that deal of your life". There are more buyers than
houses, we call that a sellers market. The danger for the Buyer
is that there is always a few un-realistic sellers out there
who will purposely "hyper-inflate" their list price. Always
research the current & historical sales that have taken place
within that area.

It's not always the case, but when a house is new to the market,
and you set a time @ 4:00 to look at it, when you show up, you
see another couple just finishing up a tour. You wait for them to
leave then go in. When you come out to look around the yard, there
are other buyers waiting to get in... You better think fast and make
an offer, if you want the house. If you can live without it... let it
go. If that house is in great condition, clean, has all the upgrades,
Is priced right, it will be gone. If you buy under these conditions,
you will want to make you best offer up front.

If the house has been on the market for 30+ days, (DOM 30) now
you have a better position to bargain, actually after the first week,
but sellers are not ready to give-in that soon. We now know the house
has been exposed to the market, this seller needs you.

THINGS TO CONSIDER:

If the house is priced at $175,000, is in good condition, priced
reasonably within the neighborhood, make a reasonable offer...
With other buyers out there, why would the seller entertain your
offer of $150,000? You'll only offend the seller.

If the house is priced at $175,000 is in terrible condition, carpet
is bad, house is unclean, structurally sound but needs cosmetic
updates, has been on the market (DOM) for a while and they
owe way less than list price... LOW-BALL-OFFER...

If they have only lived there two or three years, they have little
equity, they can't sell below their bottom line. Some sellers
are "up-side-down" in their house... meaning, when they bought it
they took out a loan for 95% LTV, and have since taken out
a second mortgage to pay off credit cards....(PawnYourHouse.com)
It's like owning more on your car than it's trade-in value...
It does not really matter how long this house has been on the
market (DOM) they cannot reduce the price...
Some people can really ruin a house... Bad condition & Bad Terms.

Divorce situations are good to pursue, if you like the house...

Estate sales are a good value sometimes...(Kids selling off Mom's House)

When a Builder is in a Financial bind... Or wants to unload extra inventory...

For-Sale-By-Owners: Be careful here, I have seen a few good
deals, but for the most part, not a good place to seek a value...

Someone behind on payments... about ready to loose house, or someone
who just got laid off, and wanting to downsize...Could be a good place
to get that good deal...

Someone who is selling their house because they have bought another
house and they may loose the new house if theirs does not sell...

Always consider the sellers motivation... why are they selling?

Are you currently pursuing a house you just happen to know details about?

Need to help or have questions?
Contact Us...

YOUR OFFER IS SUBJECT TO: (If you are using the right contract)

#1. Closing date, if the seller cannot close by the closing date, you
have the option to extend the transaction or walk.

#2. Property Inspection, If you find defects on the property that
can't be resolved, you can walk with your earnest money.

#3. Environmental Defects, If toxic or hazardous substances are
unacceptable, you can terminate the contract, and receive your
earnest money.

#4. Financing, If you can't get a loan, you get your earnest money back.

#5. Appraisal, If the house does not appraise to value, or seller
is unwilling to repair any predications, you get your earnest money back.

#6. Wood Infestation Report, (termites) If termite damage is found
or live termites / unsatisfactory termite report, and seller is
unwilling to correct, you can terminate agreement with receiving
your earnest money back.

#7. Governmental Inspections, If inspections are required, they must
pass...

#8. Clean Title, If the seller has liens or other encumbrances on the
title, and is unable to remove them, you're out with your earnest
money.

#9. Survey, If you are unable to determine property lines, and a
surveyor determines an unacceptable measurement, you are
out with your earnest money.

#10. Damage Before Closing, If fire damage, tornado damage or
water / flooding damage occurs... also vandalism, and
you are unsatisfied with the results... your out with your
earnest money.

#11. Acceptance Deadline, If the seller does not respond to your
offer within your specified deadline date, you will receive
your earnest money back.

#12. Contingent Upon The Sale Of Buyers Home, If you use an addendum
stating something like "Subject To Buyers Selling Buyers
Current Home" and your house does not sell, you get your
earnest money back...

Never write your earnest money check directly to a private party,
always use a third party escrow account.

Contents on the page is authors opinion only

Negotiate An Offer To Buy And Edwardsville Homes For Sale

One dictionary says that negotiation is:
"To discuss with a view to reaching an agreement"

Negotiation is the ability to change the opinions of others through
a climate of Favor; instead of Force...

It takes tact, not tyranny, honey, not vinegar... A cool head will get
you ahead... The person with the ego loses.

Some will lie to achieve their goal.
Some will steal to achieve their goal.
Some will terminate your friendship to achieve their goal.

Stay alert to anyone attempting to deceive you.
Read More>>

 


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