What Every Serious Stamford Real Estate Buyer Needs To Know... Before Making An Offer.

Whether you use my services in the future or not, you need the following information when you are comfortable with the real estate market in Stamford and are ready for serious search:

You want your Stamford real estate agent to discuss with you the "Agency Relationship". Unless you signed a buyer agency agreement with the agent, your interests are NOT being represented. Because the sellers pay the commissions by default both seller's and buyer's agents represent interests of sellers.

You want to know the price range and the average listing and selling prices of recently sold comparative Stamford real estate properties in the area. The location, size of the property, size of the lot, type of the house and amenities affect the price the most. This will indicate the price range for your reasonable offer and by how much the seller may be willing to negotiate.

Ask your agent also the average time it takes to sell the comparative properties. Short market times may indicate a seller's market with possible competition from other buyers. Long market times may indicate a seller's market with more homes on the market than buyers. The market in Stamford have been quite good for sellers for the last several years.

You need to know how long has the property been on the market. The reason why it is important for you because it is a great negotiating point. Sellers are more willing to negotiate after several weeks of marketing their house. Longer than average market time may also indicate an overpriced house. Or may indicate a property with some problems.

You will benefit from knowing the seller's motivation. What is the seller's situation? How soon do they need to move? Understanding seller's motivation makes your negotiation position much stronger. Ask your real estate agent about any price reductions of the property and the amount of any price reduction. The reductions indicate the seller's flexibility and desire to attract an offer.

Ask about the listing's history. Have the property been re-listed, expired, have there been any other offers on the property?

Make sure to review the Seller's Disclosure Statement very carefully with your agent.

Ask your real estate agent or your relatives and friends to recommend a mortgage broker. Your should get at least 2-3 recommendations of local mortgage brokers with a good reputation. The delay with the mortgage can be the deal-breaker. The mortgage absolutely has to be approved and delivered on time.

Get pre-approved for a mortgage prior to making your offer. Pre-approval is extremely important in the seller's market. This makes your negotiating position much stronger in case of multiple offers and shows the seller your commitment and ability to close.