Let’s talk turkey shall we? Everyone knows that Real Estate is one of the best mediums for negotiations – one of the oldest forms of trade.
There’s a lot to negotiate.
When it comes time for you to receive an offer on your home, you are receiving a legal offer from a Buyer saying that they are willing to purchase your property for X amount of dollars, under Z list of conditions.
You have 3 choices:
It’s that simple.
Now, there is a lot that goes into an Agreement of Purchase in Sale in NS that protects both the Seller and the Buyer. Included in the APS is a legal review to allow your legal team time to review for any issues they may see regarding this trade. But at the end of the day, selling and buying Real Estate is actually Trading Real Property. Meaning you are purchasing the land itself, with a home on it. If there was no building you still own the land.
When you receive an offer, everything can be negotiated. A Buyer may want a certain price…it could be below asking, asking, or above asking price. They may want to have a home inspection completed, allow for their right to obtain financing proof, or want to look at various costs associated with the purchase of this property. These are all Buyers Conditions that allow them time to do their ‘homework’ to see if this property is truly a fit for them. They may ask for furniture, outdoor furniture, window treatments, mirrors. A general rule is if it’s attached to the wall or ceilings, it stays. So any cabinetry, fixtures, tv wall mounts…all stay.
It’s not always about price. You may need a desired closing date, or they may want to move before the school year starts. Perhaps they start a new position within the next month and need to relocate. Perhaps the Buyers have already sold their home and need to move asap- you never know the driving force or thought process behind an offer. All these factors will come in play when negotiating a deal.
Between the Seller(s) and Buyer(s), a common ground must be achieved so that both parties are in agreement and therefore a deal can be made. Some changes to the deal can be made post agreement, which will be formally agreed upon using amendments, which is normal. A Buyer may discover a major issue during the home inspection that the Seller was not aware of for example, and therefore may come back for a reduction in price, or looking to have the issue fixed prior to moving in.
In situations where markets are very hot (such as HRM right now), you may be looking at several competing deals at once. You will need to review all offers and decide which offer is best for your needs as a Seller.
If you are a Buyer in the sea of competition then it’s very difficult.
You will not know the amounts or conditions of your competitors offers. You will need a good agent to help you through this process.
Each situation is unique and each offer is different. Together, you will form a plan that is best suited for your and your family.