If you are a home seller, you can usually consider the first offer to be the best one. But, this may not be true in all situations. Most the agents believe strongly in this philosophy, so they you may try to make you accept the first offer itself.
Most buyers will research about home purchases before hiring a real estate agent. If you are a buyer, then try to visit open houses and start analysing. Also, try to check the online prices. You should make some contact with the real estate agents in your locality in order to assess the state of the local markets. Once you get enough information from the agent, you can seriously start considering the various things involved in purchasing the home.
You can also start having private showings from an agent and engage them more deeply in the buying process. If you really want to acquire a home, then you are eligible to get a loan in case you are in need of more money to purchase the home of your choice. You can contact the mortgage broker or lender to get the loan. You should narrow down the search by analyzing the local market prices with other real estate prices.
If you are a seller then you have to send email notifications to the buyers. The email will include information about your listings in real time. If the seller was unable to send a notification, then the agent may notice this and send it to the buyers through email or text. The buyers will like to see the property at the earliest and may know which price range it falls in, as they may be more familiar with the market. They will be able to compare the price of the property with ongoing and previous sales. You may have to accept their offer if their demands are reasonable.
You may not get the offer in a few days, before the property reaches the real estate market. The information may reach you through some agent who is more knowledgeable in the market. If the seller has priced the home at a very high rate, then the house may not be sold for a month or two. If you are a good buyer then you will have to note the property listings in the market and wait to get a better response from the market. The seller may lower the price of the property when he or she realizes that the property has not got any response from the buyers and no activity is being carried out.
You should be able to closely follow the listing and find out when the seller is lowering the price. Check whether the seller is dealing with any real estate agent. Ensure that they furnish you with some pre-approval letter. A serious seller will look at everything from the buyer’s perspective as well as his own in order to help them and also benefit from them
Written by Avneet Bhatia, Real Estate Agent in Essex County.