The Home Evaluation

The Home Evaluation By Theresa Grant Real Estate Columnist The negotiation between the purchaser and seller of a property is a crucial part of the real estate transaction. This is a stage of the transaction that has also changed greatly over the years. It used to be at one time, albeit many years ago, that a home would be listed for sale and regardless of the price it was listed at, it would yield an offer several thousand dollars under asking. It usually sold under asking as well. That was just normal for the time. As the population grew and more and more people got into the housing market, we started to see a shift in how the real estate transaction played out. People were willing to pay more for a house that they really wanted, so they began offering the seller exactly what the seller was asking and sometimes they would offer more. For sellers, this was a real treat as this was not usually the case. Fast forward 2020 and Covid-19. This is a time period that changed real estate, perhaps forever. The Covid-19 time period was such a new and untested time for everyone. Real estate professionals didn’t know what to expect, and I don’t think anyone expected the near insanity that ensued. Indeed, the way real estate was transacted had changed. In the past, if you saw a property that you liked and wanted to purchase, you simply had your agent write up an offer for you. The deal was negotiated and you either settled on agreed terms or you didn’t. Some agents absolutely love the negotiation phase of the transaction while others do not. This is where you really need your agent to stand out and secure for you, the very best deal there is to be had. If you are the buyer, you want your agent to get you that house well under asking. If you are the seller, you want your agent to get you every dollar you are asking for or more. The negotiation however comes down to more than just price. The three major components of the negotiation are price, deposit, and closing date. Sometimes a closing date can derail what otherwise looks like a very good offer. The deposit is also very important as it shows the seller that you are very serious in your offer. Sometimes a higher deposit can secure a deal that doesn’t necessarily measure up in other areas. An experienced and skilled agent will look forward to and go into negotiations with enthusiasm and confidence. This is very important. You are trusting them to negotiate on your behalf, perhaps the biggest transaction of your life. Questions? Column ideas? You can email me at newspaper@ocentral.com