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Tuesday, July 15, 2014

Buying and Selling a House: The Biggest Unknown in a Real Estate Transaction.

During the process of buying or selling a home there are many unknowns.   There are likely more unknowns than knowns.
  • If a seller lists a home for $5,000-$10,000 less does that mean an offer will come sooner?   It depends.  Is the price still reasonable? How does it compare to the competition?  Read about "pricing strategies to sell your house."
  • If a seller lists at the lower end of the market does that mean the offer will be at the low end as well?   Not necessarily.  A lower price may generate more interest. It may generate a multiple offer situation.
  • If a seller has a home professionally staged will it sell any sooner or for more money than an owner prepared home?  The answer here depends on who you ask.  The key is prepare it so that the most desirable characteristics are promoted.
  • Will a house "pass" the inspection?  There is no pass or fail when it comes to a property inspection.  In Florida we use an inspection contingency that allows a buyer to cancel, without penalty, due to an inspection. Read about "the home inspection."
  • Will the house appraise at the agreed upon contract price?  Most of the time the answer here is yes. Buyers who are represented by a local knowledgeable Realtor® will use similar "comps" to gauge an offer price.  Still, you don't know for sure. "What is a good comp?"
  • If a seller rejects an offer and counters at a higher price, will the buyer come up or walk away?   A counteroffer effectively "kills" an offer. How the other party responds will depend on the other person's situation.  Read about "negotiating the deal."
The last point - the other person's situation - is the biggest unknown in real estate transactions.  Rarely does the other side know the motivation, bottom line or back ground information on finances, etc.

Ready to sell your Viera, Florida home?  Call me at 321-693-3850 or send me an email. I would welcome a chance to discuss how I can work for you to reach your goals.

Image courtesy of Danilo Rizzuti /

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