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Buyer Seminar Step 4

Step 4

Negotiation

At this point we have previewed several homes and now you want to make an offer on your dream home.  You direct me as to the price and terms.  With contract and 90% Letter in hand, I will present your offer to the sellers’ representative for the sellers’ consideration.  Additionally, I will request of you to provide a written introduction of yourself and your family I can include as part of our offer package.  Normally, a response from the seller, regarding your offer, will take up 12 to 24 hours.

If the seller is in agreement and signs off on your offer, we are good to go!  But if the seller does not agree with your price or terms and would like to negotiate with you, we will receive a “Counter Offer”.  Normally, this happens better than 75% of the time.

Allowing me to represent you in this process, using my years of experience, will prevent you from making costly, embarrassing decisions!  There might be a time I might feel it advantageous to present your offer directly to the seller.  For example, if I know or get the idea the realtor on the other side is inexperienced, I will insist on presenting the offer directly to the seller.  If, on the other hand, the agent is an experienced realtor and one I have worked with in the past, I may feel comfortable in letting that agent present the offer.

Letting a professional handle your negotiations may prevent some embarrassments!

Getting back to the offer itself, let’s touch on several bits of information that will be of importance to you.  Our market place is unique, unlike any other market place.  It is my responsibility to bring you up to speed concerning our local market place and current market conditions.  Depending on market conditions, it may be wise to take Uncle Harry’s advice that you never give full price.  On the other hand, it’s not unheard of to offer more than the listed price.  Again, this totally depends on the current market.

We will outline in our offer that we expect to hear back from the seller within “x” number of hours or days with either a full acceptance of our offer or a suitable counter offer.

Common practice – suggested earnest money to be put down at the time you make a written offer should be $1,000 per $100,000.  Your earnest money becomes part of the monies you need to close.  If your offer is accepted, your earnest money will be placed into a nonbearing interest trust account as outlined by Alaska real estate law.  It is common practice for the listing licensee to specify the earnest money amount in the MLS listing information print out.

If your offer is rejected and we fail to come to an acceptable, agreed upon contract, we move on to another property and your earnest money is returned to you.  Please allow up to 10 days.  If your offer is accepted, earnest money becomes part of the monies needed to close and is held in a nonbearing interest trust account until closing.

Please use the form below for any questions you may have.