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.