St. Charles Real Estate Negotiation 101

Need some negotiation skills to get that dream Saint Charles Missouri home - let the #1 rated real estate agent for Remax St. Charles help.

The first rule is that everything is negotiable. That can be good news or bad news. But when someone walks into your house or you walk into theirs, get out of the box and remember that nothing is sacred. For instance, someone may wish to buy your home, but only if you sell your Grandparent's piano with it or your Aunt Tudy's gun collection.

That may be a deal breaker for you OR an easy decision. If your Aunt Tudy is anything like mine, you'll be glad to hand over those guns. There may be some surprising requests. Just be ready, and you'll be fine.

St. Charles Home Negotiating on Purchase

Get everything in writing

Written contracts evolved for a good reason. People seem to have bad memories. If you want your deal to be enforceable in a court of law, put all the terms in writing. Make a habit of writing short, dated "Memos For Record" of important conversations (such as, "June 7 — seller asked to extend closing two weeks").

Make sure that deadlines are met

Real estate contracts are filled with deadlines for everything from contingency removals and deposit increases to the your closing date. Failure to meet each and every deadline can have consequences. Your deal may fall apart. However, most deadlines are remarkably flexible.

Be Ready to Put Some Money Down

It's not likely that a seller will "hold" their house for you unless you put some money in escrow. When you make an offer, you are essentially telling the buyer that you want to buy their home and you want them to take their house off the market or list it as "under contract".

A reasonable timeframe for this is 30 days. You can't expect a seller to keep their house off the market unless they see you making an effort to buy it.

What about contingencies?

Most offers include two standard contingencies:
a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.

A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.

The purchase contract must include the seller's responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.