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While the settlement does not address this issue directly, the Department of Justice (DOJ) Statement in the Nosalek lawsuit does: Buyers would have the ability to request in their purchase offer that the sellers pay a specified amount to the buyer broker from the proceeds of the home sale. In a seller’s market, that may well occur.
We all know that sellers hear what they want to hear and believe what they want to believe when it comes to how market conditions will impact the sale of their home. They believe their home is special and people will be knocking on the door with full price offers within days of hitting the market. The agent , of course!
Mimi Foster, a real estate agent, told MarketWatch the home was like “walking into a crime scene.”. She received multiple cash offers that were well over the asking price. If you’re looking to buy a home, be prepared to make an offer higher than what’s listed. In today’s market, sellers are juggling multiple offers at once.
As a buyer agent , it is your job to be the voice of reason, the buffer, and sometimes the peacemaker. In order to reach an acceptable agreement with the most favorable terms, make sure your buyers are aware of the market and the most important factors when constructing an offer. Requests to sellers to pay closing costs.
What is a seller concession? This refers to anything that the seller gives or grants to the buyer. Sellers are not the only ones who can grant concessions, but right now it’s in the news more due to changes this year in how we sell real estate and the forms and clauses we use to do so.
Like making counter-offers and going through the home inspection process, the home appraisal can be a sticking point between buyer and seller. The first thing you should do: call your agent, tell them the appraisal price is the highest you're willing to pay, and have them tell the seller so.
In many cases, lenders are motivated sellers who do not want to sit on their REO inventory, and (depending on the bank’s history with the property) these homes may be priced at a discount. Real estate agent: A real estate agent will be able to find REO offerings from multiple lenders in your desired area.
In one instance, you have sellers enjoying multiple offers on a property and achieving a nice percentage increase above their asking price. It is during those times that homeowners will really come to depend on their agent for assistance. As we know, in some situations, sellers will cave in. Usually because they have to.
Contacting the Seller The first question a buyer must answer is whether the lot is listed for sale or not. For a property that is listed with a real estate broker, the prospective purchaser should retain an experienced buyer's real estate broker to facilitate negotiations with the seller's broker.
What constitutes a “lowball” offer, when is it appropriate or not appropriate and how can you encourage your buyer clients to stop insisting on offering a price that’s unlikely to result in an offer? By definition, a lowball offer is an offer that is significantly below market value.
It’s worth noting that while FSBO sales can result in savings, they often sell for less than agent-assisted sales. However, with proper preparation, the right tools , and an understanding of the market, FSBO sellers can potentially overcome these hurdles. Consider hiring a professional appraiser for a more accurate valuation.
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