Shortchanged by Shortcuts? • How long are homes like this staying on the market? • Is it priced above, below, or right at predictable market value? • Is it likely to gather multiple offers or do you have room to negotiate a lower price? The answers to each of these questions represent a different scenario about how the transaction might play out. You’ll need to know how to deal with each one because each one impacts the type of offer you’re going to write and how you’re going to negotiate that offer. Side Note: It’s typical that home inspections occur later in the process, so we’ll cover them in a later chapter. But in certain instances, you could end up with an inspection needed at this point (a pre-inspection). If this is the case in your market, your agent will need to create a plan around that.
The most important factor in this step is knowing whether you’re dealing with a buyer’s market or a seller’s market and the relative “temperature” of either. You need to know who, by virtue of the market conditions, has the leverage in this initial phase of the negotiation. If you’re wondering why it’s critical for you to interview to find the best buyer’s agent to represent you, this is it. You aren’t hiring them to search Zillow for you. With the amount of data available to the consumer about houses for sale, the value an agent adds isn’t usually in finding the right home. It’s more likely found in their ability to read the current market and the motivations of each party. An agent’s job is to put together a compelling offer that serves the best interest of their client while also occurring as a win for the other party.
Making an Offer | 103
