Home Sellers Rights in Today’s Real Estate Market
Every seller wants a Bill of Rights (sellers rights) so to speak when they put their home on the market. However, the Rhode Island house market has changed. It is important to understand, as the seller, how to proceed in negotiating when you receive an offer on your home.
– Buyers are under the impression that ‘low balling’ in this RI real estate market is the way to go. The real estate market has changed and multiple offers are not unusual on well priced homes. Understand that their real estate agent may have advised them to proceed this way. So do not go crazy here about their offer. Imagine yourself as the buyer and what would you do. You might try to go with a low offer and see if the seller would bite at it at first. But know your bottom line and discuss that with your agent. So KNOW YOUR SELLER CLOSING COSTS! In fact, ensure your real estate agent gives you a ‘net sheet’ right up front upon listing your home so you know approximately how much money you will ‘net’ from your home sale. This should be very important to you!
– Whether the offer is what you call a good offer or not, it is required by the Realtor Code of Ethics that the real estate agent present every offer to you, the seller. Even when it is totally bizarre! Step away from the offer, digest it and return to the bargaining table in fair fighting form. Discuss the negotiation process and dollar amount you want to reach with your Real Estate Agent before you reach this point…use her expertise to develop a good counter offer to the buyers. This is another of your sellers rights.
– You hired your Real Estate Agent based upon good representation they made that they would work in your best interests. Let them come up with variables to make the counter offer more palatable…like closing time frames, home repairs to be made, help with closing costs and buyer financing alternatives. Expect your agent to work hard for you here and not agree to whatever the buyer requests. Meeting part way on a dollar amount or home repairs requested is a good way to negotiate fairly. It all depends upon the desirability of your home at that time.
– Are You Going Through a Divorce while Selling Your Home? I am sharing a informational blog by a mortgage lender that is so important for divorcing home sellers to read. Your divorce attorneys usually put in clauses regarding who pays the mortgage and who is released from the mortgage with a quit claim deed that does not work for the home’s lender. Read this post today: How Does Divorce Affect Mortgage Borrowing | Must Knows
– Do you really want to sell your property? Whether or not your home is a waterfront, ocean front, coastal or neighborhood home for sale, it is a process of negotiating- that one set price in your mind does not always work for the buyer. It is a process of working an offer through a give and take. If that is why you put your house up for sale then you need to be prepared to sell by working out a sales price and terms that will make you satisfied as well as the buyer. You do not want to ‘own’ the house for longer than you planned.
– Take a run around the neighborhood or a one mile swim in the ocean but step away and come back to the negotiation table to deal on price. Remember your First offer may be your best offer. Work with it! Compromise, meet the buyers part way on their reasonable (not unreasonable) request, give a seller’s credit to the buyers but keep your house in play.
– Your Real Estate Agent is here to help you negotiate a sales price – that is why you hired them. It is an offer and counter offer situation and accommodations from both sellers and buyers is what makes the musical chairs of home selling a strategy situation. Both you and the buyers want to come out winners. Let your real estate agent do a great job. Make sure your real estate agent knows up front what is your bottom number in a home sale (includes your mortgage balance outstanding, home equity loans, lines of credit, closing costs, etc.) must be. Must you come away with monies, break even on sales price to cost or would you consider a short sale on your property? This is a process that must be discussed by the second meeting with any homeowner listing a home for sale.
Looking for a strong top selling RI Real Estate listing agent? Then call me, Ginny Lacey Gorman, at 401-529-7849 or email me at Ginny@RiHouseHunt.com if you are thinking of listing your home.
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Ginny Lacey Gorman is your go to RI coastal real estate agent for real estate in Rhode Island and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well.
Waterfront, oceanfront, luxury and coastal southern RI real estate is her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy agent who sells RI houses in this real estate market – call Ginny Gorman at 401.529.7849 or email me at Ginny@RiHouseHunt.com.