If you've managed to arrive in Indianapolis, Indiana without having to sell your old Brampton real estate, then you may be coming to the table at a disadvantage, as you have no experience with offers and negotiations. Since these are the two crucial steps in the purchase process and knowledge in this area can save you thousands of dollars, use this article as a starting point toward learning what to expect.
Making an Offer
When you decide you like a house, you make an offer to the owner. This offer is an official document drawn up by a realtor or lawyer. You decide how much to offer, but make sure to base the figure on the market worth of the house in Indianapolis, rather than how much you would expect to pay for a Prince Edward Island cottage. Usually, if the owner's asking price is fair, you start off by offering a little less.
The reason why your offer needs to be drawn up by an expert from Royal Lepage Oshawa or an Indianapolis law firm is that it has to outline every aspect of the deal, from who will pay the lawyer's fees to on what date the title deed will change hands. It should also outline any conditions you might place on the sale of the house, such as that the sale of your old house goes through first or that nothing major comes up on the home inspection.
Counteroffers and Negotiations
The seller will either accept your offer or come back with a counteroffer for more money. There are many reasons why a seller might make a counteroffer. Perhaps they need every penny of the asking price to pay for their new Pleasant Valley, NY real estate or they're trying to drive a hard bargain in the hope that you will take the easy way out and pay what they want. Decide, before negotiations begin, how much you're willing to pay and go no further. Walk away if you have to. Sometimes this will indicate to the seller that you cannot be pushed and they will make a more reasonable offer.
Realtor vs No Realtor
It is up to you whether you want to conduct these transactions on your own or with the aid of the Indianapolis equivalent of a Mississauga real estate agent. Keep in mind that realtors have a lot of experience, and if the seller has one and you don't, you will be at a disadvantage.