Look at Our Featured Homes
Find Bradenton Homes for Sale
Bradenton Buyer Guide
Bradenton Seller Guide
Real Estate Investing Tips
Bradenton Real Estate News
Meet the Team and learn about our Highest Rated Service
Information about the Bradenton Area
Bradenton Real Estate Home
Contact us


Name:
E-Mail:

Phone:

Comments and Questions:

  When Making An Offfer, Do NOT.. - Back
There are some things that don't count, when you're trying to decide how much to offer for a house.

The first thing that doesn't count is an oral offer. The seller could say in front of 15 witnesses, "Yes, I'll sell you the house for $120,000, and I'll be glad to give you a receipt for the $20,000 you're handing me to serve as an earnest money deposit. Let's shake hands on the deal." And if the seller backed out, and you hauled the 15 witnesses into court to prove he had accepted your offer, it wouldn't do any good. You couldn't force him to sell. Nothing counts, nothing is legally enforceable in the purchase and sale of real estate, unless it's in writing. (That's according to a law known as the Statute of Frauds.)

Not even that $20,000 you gave to "seal the deal" would do the trick -- though I trust the judge would order it returned to you.

But to get back to the original question -- what shouldn't you do when you're making an offer? The first don't is -- unless you have specifically hired your own broker, an agent who is legally obligated (preferably in writing) to keep your information confidential, watch what you say. Don't ever tell a seller's agent "We're so crazy about the house that if they don't take this offer, we'll go higher." The seller's agent, as a matter of fact, is legally obligated to report a juicy tidbit like that to the seller.

Some people think the right process is to start with a low bid, expect the seller to counter-offer with a reduction in the listing price, then you counter with a few thousand more, and you bargain back and forth the way you would in a mid-East peddler's booth.

Experienced brokers can tell you, though, that too many volleys usually kill the deal. Tempers begin to rise, someone says "It isn't the money, it's the principle of the thing" and that's the end of that.

It's often wise to make your original offer close enough to the asking price to tempt the sellers to close with it immediately and be done with the thing. They won't have to keep the beds made and the dog tied up every day. Maybe it isn't exactly what they hoped for, but still...

Don't base your estimate of proper price on the tax assessment figures. Even in communities where a skilled attempt is made to keep those in line with market value, they can't be as accurate as the operation of supply and demand in the open market -- what other buyers have been paying for similar property in the neighborhood recently. Your agent can furnish records of such "comp" sales.

Don't assume the sellers have built in a cushion because everyone expects a "usual" five or ten percent bid under the listing price. Some owners hate haggling and may list at rock-bottom for a quick sale.

If the house has been on the market for many months at a given price (inquire, you're entitled to an honest answer), then the buying public has voted that it isn't worth what's being asked. Don't offer full price.

On the other hand, don't fool around if you stumble on a bargain. (If you've been househunting in that neighborhood for a few weeks, you should be able to recognize one.) If a house is "hot" -- unusually attractive, underpriced, just listed -- it won't last long. Offer full price. If other buyers are swarming around an open house, your offer may be in competition with others by that evening; consider offering something over full price.

Click Here to Return to Article Index.
Home View Homes Search Homes Buy A Home Sell A Home
For Millionaires Newsletter About Us Contact Us Area Info

Privacy Policy:
All information you share with us is kept strictly confidential and is never shared with anyone else. This includes your contact information including name, address, phone, and email address. We will only contact you regarding information you have requested from us. You may ask to have your contact information deleted at any time by using the "contact us" button on our website. Thank you.

Copyright © 2002-2016 Avery Realty Team

 

 

 

 

Avery Realty Team provides the highest rated full service in real estate services for Florida, Bradenton, Bradenton Florida, Bradenton Florida Real Estate, Bradenton FL real estate, Bradenton Real Estate, Bradenton Beach, Bradenton real estate for sale, Realtor Bradenton, Bradenton Realtor, Sarasota, Sarasota Florida, Sarasota Real Estate, Sarasota Florida Real Estate, Sarasota FL real estate, Sarasota, Lakewood Ranch, Palmetto, Palmetto Florida, Ellenton, Ellenton Florida, Manatee County, Manatee County Florida, Manatee County Florida real estate, Sarasota County, Sarasota County Florida, Sarasota County Florida real estate, real estate investing, MLS Bradenton Florida, Bradenton Homes, Sarasota Homes, Sarasota Properties, Sarasota Realtor, Sarasota MLS, MLS Sarasota, Sarasota Realtor, Lakewood Ranch Country Club, The Concession, real estate investing, real estate investment, real estate investing in Bradenton Florida, real estate investing in Sarasota Florida, new homes in Bradenton Florida, new homes in Sarasota, Florida.