Home Buying in Chicago>Question Details

Bob, Home Buyer in Chicago, IL

How would you get a seller to negotiate on a home?

Asked by Bob, Chicago, IL Fri Feb 27, 2009

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Hello Bob,
When representing a buyer I always present the best case scenario for all parties involved. I ask several questions about timelines & financing, to present the strongest possible offer to the seller. Then I justify the offer with recent area activity & try to find out as much about the seller's position as possible - reason for selling, selection of the next property, etc. - to assist me in making the best case for my buyer.
In today's market you need a strong negotiator & experienced Realtor. As a Realtor for 4 years I have the energy, experience & enthusiasm to assist with the various needs of today's buyers.
Please feel free to holler if you have any further questions.
Ivette
0 votes Thank Flag Link Sat Feb 28, 2009
Bob,
That is a good question.

There are a couple of things that set the stage for negotiating. One is to make sure that you present the case as a strong buyer. That means you need to be preapproved for a mortgage so that you can show the seller that you are a serious buyer and can actually purchase the home.

The next thing you need to do is to find a REALTOR who can serve you as a Buyer's Agent. The buyer broker agreements spell out precisely who represents the buyer. There will not be a fee in almost all cases, when you work with a buyer's agent, because the seller pays for the REALTOR'S commission. So the important thing is to find a REALTOR that you are comfortable with and who has successful experience in negotiating and handling all the details of the sale. Many agents offer a guarantee of sorts to their buyers. They will release you from the contract if, for some reason, you are not comfortable or if they do not feel that the agent is not working for your best interests.

Often while looking at similar homes, you are able to see what prices are on comparable homes. If there is still some question about pricing, the REALTOR can do a market analysis on the property so that you can see other comparables.

The negotiation process begins once an offer is presented to the seller or the seller's REALTOR. You will recieve a counter offer from the seller if they do not accept your offer. You can then respond to the counter offer by agreeing to it, by countering the counter offer or by deciding to walk away.

There are lots more details that I can explain about the process, and I would be happy to do so. I would also am eager to allow you to interview me so that you can learn about my experience and qualifications and so you can make sure you are comfortable with my style and I can share with you exactly how I will represent you and handle all the details of the sale.

Jeremy Veenstra
Krain Commercial and Residential Real Estate
773-870-9651
http://www.ChicagoNeighbor.com
jeremyATKrain-Chicago.com (be sure to substitute the symbol @ for the word at)
0 votes Thank Flag Link Sat Feb 28, 2009
Aloha
Find yourself a good Realtor in your area. Then, tell them about the home you're interested in. They can provide you with a current market analysis of comparable properties to the home you're thinking of. Then, with the Realtor's help, make an offer. The Seller will accept or counter (or they may reject it altogether, but not likely in this market). If the Seller counters and you don't want to accept, you counter and negotiations begin until you come to an agreement or you both agree to disagree and the transaction comes to an end. Of course, it's in your best interest to have an Accredited Buyer's Representative represent you in the transaction.
Good luck to you.
Debra

Debra A. Jason, RA, ABR
Vision Realty All Islands - Kauai, HI
0 votes Thank Flag Link Fri Feb 27, 2009
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