Julie Cleland · (650) 871-3693

How Much Will the Seller Take?
October 1, 2008 · Julie Cleland · (650) 871-3693  

In today’s market every buyer is looking for a bargain.  With that in mind it is no surprise that the question most often asked these days from buyers is “How much will the seller take?”  There is only one sure-fire way to find out…write up an offer!

A seller, no matter what the market, is looking to enter into a contract that has the highest likelihood of closing.  A buyer who puts in an offer is signaling to the seller they are serious about buying that home; there is just a difference of opinion on price.  A buyer who throws out “offers” without the assurance of an actual purchase contract gives the impression it’s the deal, not the home itself that’s important.  Less commitment to the home means less of a chance it’s going to close, which makes it less attractive to the seller. 

It’s important to know that in real estate, nothing counts unless it is in writing.  A discussion with a seller about price is something of a hypothetical until a purchase offer is put in front of them.  It is much more powerful to go to a seller and point out, that while it may not be the price they had hoped, it is an offer to work with.  Until that offer contract is in hand, any discussion a listing agent has with a seller starts out with a big “if”.  As in, if an offer was to come in for X amount of dollars will you take it?   A bid in writing is the bird in the hand, while a verbal offer is thought of as the two in the bush. 

Additionally, it is in the purchase offer that all other, equally important details are ironed out.  Has the buyer secured financing?  Have all the disclosures been read and returned with the offer?  How long is the buyer going to need to close the transaction and how will that affect the plans of the sellers?  Negotiating verbally allows too much room for confusion.  It’s possible that all parties may think they are on the same page and everyone agrees on the terms until they are clearly laid out.  Simple misunderstandings can lead to ill will and kill a deal before it even takes off. 

You’ve found the home you love and it has everything you’ve been looking for.  Time to show the seller you really mean it!

 

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Filed Under Frequently Asked Questions, Real Estate Finance, Real Estate for Buyers and Sellers, Real Estate on the Web

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