For Home buyers

How much should I offer?

 Buying a house isn’t like going to a [fill in the blank store] and buying shoes.  In a store you just go to the cash register and pay what ever is on the price tag.

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Making an offer on a home is different.  Buyers usually offer less than the sticker price.  Most sellers are prepared to accept at least a little less than the asking price but sometimes they get more than the asking price if there are multiple offers.In most cases offers have to be negotiated.  

That means that buyers will make an offer and sellers will say they like the offer but they want a different closing date or they want more money or they don’t want to pay the buyers closing costs. 

Buyers should make an offer based on the value of the home.  Occasionaly I get offers on my listings based on what a buyer can afford. Sellers usually don’t care how much buyers can afford and are not going to lower their price based on how much money a buyer has. 

The only way negotiations work is if both parties give a little. Buyers who do not want to negotiate should just state up front that the offer is their best and highest offer.  Sellers who do not wish to negotiate can simply state that the price and terms are not negotiable .  

Buyers never really know what a sellers bottom line is and sellers never really know how high buyers will go. 

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Teresa Boardman
Realtor®, MN,
Licensed Broker
Saint Paul Home Realty
651-216-4603
teresa(at)tboardman.com
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