Property Offers: How to Negotiate and Consider Property Proposals.
From Offer to Acceptance: A Step-by-Step Guide to Negotiating Property Proposals.
In real estate, the final selling price is negotiable. Plan to negotiate when an offer(s) is received. For example, before you lower the price, you may be able to add value to the transaction by including appliances and / or closing costs. We will assist you with crafting counter offers and negotiating tips and techniques.
The asking price for a property represents the amount that the current owner is seeking to receive for the sale of the property. This figure should be a reasonable and realistic amount that falls within the price range determined during the property appraisal.
Negotiating and Considering Property Offers
Two of the basic questions home sellers ask most often are “How quickly?” and “How Much?” The answers to “How quickly can you sell my property?” and “For how much money?” greatly depend on local real estate market circumstances and on arrangements you, the seller, make before putting a house on the market to receive property offers.
To assist you in better navigating the real estate process, we have compiled a list of essential steps for home sellers to facilitate the property offers process, including negotiation and handling.
Property Offers: Discover How to Deal
Once a property offer has been made, your estate agent from ARENCORES will carry out payment and agreement forms on the buyer and then inform you both verbally and in writing of the details.
Whether or not you accept an offer is your decision. However, your estate agent will be able to provide you with guidance and supervision on whether they feel there is a realistic opportunity to negotiate.
The property selling process is a stochastic and complicated procedure. Therefore, any negotiating may require meaningful discussions between you and your estate agent, and likewise between your estate agent and the prospective buyer.
Do your best to make yourself available for calls and always respond to the emails from ARENCORES as any delays at this point could have a negative impact on the potential sale or the latest property offers.
If you have several property offers you should consider the position of the buyer as well as the property proposal itself.
Estate agents will regularly ask the buyer questions to evaluate suitability and sincerity and help make a decision on how ready they are to follow through with their offer.
Property Offers from Buyers (Conditions and Types)
ARENCORES implement a set of tools and methodologies to ascertain and determine which of the following conditions and types describe the potential buyer:
- Cash or unencumbered buyer (free and clear of any encumbrances, such as creditor claims or liens): These are attractive and reliable buyers, as there are fewer obstacles that could delay or cancel the property selling process.
- First-time buyers: These buyers are not within a property chain, so they are less dependent on external influences, First-time buyers are always an excellent choice as they have no lengthy property chain trailing behind them. Moreover, because of the international lending rules and flexibility for first-time buyers many are ready to get off the fence to buy property.
- Property on market under offer: This type of buyer are at an advanced stage in selling their existing property so should be ready to move in short time.
- Property to sell on market: These buyers are also in the process of selling a property, so the sale of their property might affect the onward chain.
- Property solicitor appointed: Buyers who have already appointed a property solicitor will usually be able to proceed quickly with the transaction.
- Retail buyers: This is the average home buyer who is in the market to purchase a primary residence (family buyers, young working couples, first-time or retired buyers). Retail buyers are buyers who have access to finance or enough money saved up to purchase a property for cash. As the large majority of these buyers will require financing, an important aspect for this type of buyer will be the home’s price and their level of affordability. Features that will be important to them will be easy accessibility and amenities such as schools, medical facilities and shopping centres.
- Fix-and-flip investors: Fix-and-flip investors are normally full-time property investors looking for property that is selling substantially below the market average. This type of property investor will be looking for a property in need of renovation that they can restore and sell in a reasonably short period of time for a return on investment.
- Hybrid buyer: These buyers are not full-time property investors but they have enough cash or a large deposit and good credit records. These buyers typically wait for the property market price to drop or for a really good deal to come along before they make an investment. They generally prefer properties that don’t require renovations.
- Property to sell not on market: These buyers might be just looking for opportunities, or are yet to begin the property selling process.
Offering below or above the asking price
When working with an estate agent, you can gain valuable insight into the competitive landscape by learning if there have been other offers for similar properties in the same area.
Although they won’t reveal the specific amounts of these offers, this information can still be a crucial factor in determining if the offer is satisfactory enough.
In some cases, it may be wise to mirror the asking price or even exceed it, particularly in highly competitive areas where properties tend to receive multiple offers and sell swiftly. This strategic approach can help you stand out in a crowded market and potentially land a successful deal.
- There are issues with the property that need to be addressed (such as outdated fixtures or appliances)
- Other, similar properties in the area have sold for less
- The property requires some work
- The property has been on the market for a long time without any offers
What Is Considered a Lowball Offer?
When navigating the world of real estate transactions, it’s essential to understand the concept of a lowball offer, also known as a “bait and switch” tactic.
This occurs when a buyer submits an offer that is significantly lower than the initial listing price, often by several thousand euros. Professional estate agents, like ARENCORES, have witnessed instances where buyers make such offers simply to test the seller’s motivation or willingness to negotiate.
However, more often than not, this strategy can lead to a deal falling through and even offend the seller.
In some cases, lowballing may be justified, but it’s crucial to recognize the potential consequences of such an approach.
If you’re confident in your listing price and believe it accurately reflects the value of your property, it’s best to decline the lowball offer and maintain your stance. Remember to keep emotions out of the equation and focus on your long-term goals.
Why ARENCORES?
Thanks to years of experience in the real estate market of Chania, ARENCORES has reached a level of specialization and professionalism designed to increase and significantly improve the range of services offered.
We intend to create a trust-based relationship with our clients by offering our expertise and all our resources to guarantee a successful transaction in a short time frame.
Thinking of Selling?
Considering selling your home in Chania? Partnering with ARENCORES offers a refreshingly different approach. Here’s why you should choose us:
Qualified Buyer Screening: We prioritize your peace of mind by thoroughly vetting all potential buyers before they view your property, ensuring genuine interest and serious inquiries.
Extensive Online Exposure: Your property will be showcased on multiple property websites, both domestically and internationally, maximizing its visibility and reaching a wide audience of prospective buyers effectively.
Strategic Marketing Campaigns: Leveraging advanced marketing techniques, we tailor our campaigns to target specific buyer demographics, increasing the likelihood of attracting qualified leads and facilitating faster sales.
Personalized Support: From accompanied viewings to regular feedback and expert advice, our dedicated team provides comprehensive support throughout the selling process. Eye-catching ‘For Sale’ boards further enhance your property’s visibility in the local market.
Targeted Marketing Approach: Recognizing the diverse needs of our clientele, we employ targeted marketing strategies that cater to the unique characteristics of each property. By segmenting the market, we ensure a tailored approach that resonates with potential buyers.
Continuous Improvement: Committed to excellence, we continually seek ways to enhance our services and proactively promote your property. Your satisfaction is our priority, and we are dedicated to achieving the best possible outcomes for you.
Ready to discuss your potential sale or receive a suggested marketing price? Complete our valuation request form or contact us today to get started on your journey with ARENCORES.
