An Offer is More Than the Price

With the possible exception of price, the terms of your offer should mirror as closely as possible the terms the sellers' agent expressed would be preferred without impairing your important legal protections and other common sense needs.
Couple Works Out Budget for Kitchen Renovation

Couple Works Out Budget for Kitchen Renovation

Photo by: Jupiterimages

Jupiterimages

By: Tara-Nicholle Nelson

Price isn't the only way to win over the seller. Non-price terms -- like a quick close or an all-cash transaction -- can be appealing for sellers, particularly if they are motivated or your offer price is a lot lower than the asking price. Whatever terms you spell out in your offer, they should mirror as closely as possible the terms the seller prefers without impairing your important legal protections and other common sense needs. A number of non-price terms don’t necessarily impact you much cost-wise. For example, a quick close of escrow or allowing the sellers the option to rent-back may not cost you anything. Other terms, like offering to pay more than your normal share of the closing costs, might cost you a little chunk of change, but could seal a deal that will make you big bucks in the long run. If it doesn’t cost you anything, or costs very little in the grand scheme of things, why not give the sellers what they want if it makes it much more likely that you get what you want?

The favorite non-price term of sellers is offering to accept the property in as-is condition. This could cost you nothing, could run you a modest amount of money to do upgrades you might have done anyway, or might require you to expend a lot of money on repairs over your tenure as homeowner, depending on the facts of the specific situation.

Next Up

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All About As-Is Offers

Here are some things to know if you're thinking of making an as-is offer on a home.

Building Mortgage Interest: More Tax Deductions and Incentives for Homeowners

Learn about the many tax advantages of homeownership, including special deductions and local incentives.

Anti-Checklist: What Not to Do When You're Making an Offer or Negotiating

Don't even bother trying to justify a lowball offer. (Believe me, the seller and their agent were well aware that there's an electric tower in the backyard when they set the asking price.) Avoid these buyer faux pas when offering on a house.

10 MORE Ways to Make Your Home Worth More

Part 2: Ten more surefire ways to get the most bang for your buck.

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