With a wealth of online resources, a growing “for sale by owner” market and countless cable TV shows on the subject of real estate, it’s not surprising that some homebuyers consider a “do it yourself” approach when purchasing a new home.
But for most, a real estate professional is an indispensable partner in the home-buying process. While buyers today are more educated about real estate than ever before, all the research in the world can’t match an experienced agent’s “in-the-trenches” understanding of what’s happening in the market today. Without the pavement-pounding and advance scouting an agent does on your behalf, you might wind up overpaying for a home or losing out on the home of your dreams.
Also, unlike a parent, spouse or best friend, an agent can give you a completely objective and professional opinion of the properties you are considering.
If nothing else, keep in mind that a buyers’ agent is typically compensated by the seller, so it doesn’t cost you anything. You have nothing to lose and everything to gain by tapping the expertise of an agent. And from the moment you choose a Select Real Estate agent until the day you move in, our team will be working for you.
Your Select Real Estate agent is here to represent your interests. When negotiating the details of your transaction, our agents will respond professionally on your behalf. Each negotiation should be guided by the following principles:
Confidentiality: It is our responsibility as real estate professionals to maintain confidentiality. We base our reputation on this principle.
Responsiveness: Time is of the essence in a real estate transaction. We will act quickly upon any opportunity by expediting the presentation of offers and counteroffers.
Resourcefulness: Your real estate transaction is important to us. We, as professionals, examine all strategies and solutions to meet your goals.
Communication: Select Real Estate agents ensure that all aspects of the negotiation and options are communicated clearly and precisely to you during the buying process.
Multiple Offer Negotiations
Sometimes, sellers will have several offers to consider. There are many ways to deal with multiple offers. Sellers can counter one offer and reject the rest. They can counter one offer and wait for a decision while holding off on the other offers. Or, they can simply accept the best offer.
The seller decides on how offers will be presented and dealt with. The listing agent can only offer suggestions and advice.
There are pros and cons to negotiating multiple offers. A low offer may result in buying a property for less thanthe listed price or you could lose it to another buyer's higher offer being accepted. A full price offer may result in your paying more for the property than required. Sometimes, there can be several full price offers.
Your real estate agent will explain the pros and cons of negotiating strategies. However, you are the only one who can make the decisions.
Offers are not confidential. Sellers may want other buyers to have knowledge and disclosure details about other offers on the table in hope of convincing a buyer to make a higher offer.
Realtors are required to follow lawful, ethical instructions from their clients. However, the Code of Ethics does not prohibit Realtors from disclosing terms of offers.
You may want to discuss with your Realtor the possibility of making your offer confidential, or of establishing a confidentiality agreement between yourself and the seller prior to negotiations.
Your Realtor has other buyers, some of whom may be interested in the same properties as you are. Ask your Realtor how offers and counter-offers will be presented and negotiated if more than one of the buyers are negotiating for the same property.
Remember that your real estate agent's advice is based on past experience and does not guarantee how any particular seller will respond in a specific situation.
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