kay@kaypratt.com
    405-641-5754

Kay Pratt RE/MAX

Helping home buyers and sellers in central Oklahoma

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Negotiating a Real Estate Contract

Once an offer is received, you have the option of accepting the offer, or submitting a counteroffer. Seldom are real estate deals closed on the first offer, although this does happen at times when the market is soft and there are a shortage of buyers. But most times buyers and sellers are involved in negotiations for the property.

Negotiating a real estate offer is a complex matter and all transactions are unique. Both sides – buyer and seller – want to feel that the outcome favors them, or at least represents a fair balance between the parties. I am very experienced at negotiating real estate transactions and can help and guide you through the process.

How to Develop a Strong Bargaining Position

Know the Market

Real estate markets vary over time as supply and demand changes. Sometimes we are in a “buyer’s” market, while other times in a “seller’s” market. Our Oklahoma economy has remained strong throughout the recent housing slump so traditionally we have been in a “seller’s” market. This has varied slightly over the past 5 years but for the most part there has been strong demand and limited availability. This means it has been a good time to sell a house in the metro OKC real estate market for a number of years. Know where the market stands – knowledge is power.

Who has leverage?

Have you just been laid off and need to sell your home? That reduces your leverage. Has a company recently opened a new manufacturing facility nearby and is transferring employees to central Oklahoma? Knowing what is going on in the market helps you understand who has leverage in negotiations. The more leverage you can gain, the stronger your negotiating position is. I can help you understand the local market so you have a better understand of your leverage position.

What are the details?

A lot of attention in real estate is paid to transaction prices. This surely makes sense, but the key to a good deal may be more complex.

Consider two identical properties that each sell on the same day for $375,000. The houses are the same, the sale prices are the same, but are the deals the same? Maybe not. For instance, one owner may have agreed to paint the property, replace the roof, purchase a new kitchen refrigerator, and pay the first $3,000 of the buyer’s closing costs. The second owner made no concessions. Know the details of the offer that has been made. Don’t focus on the price only.>

I can guide you through the negotiation process and help you find the best offer for your home. Sometimes an offer comes in low that you might want to toss immediately. Often times that is just a buyer “running it up the flagpole” to see if their offer has traction. We can often negotiate even a low offer into something that works for everyone.

News

HUD logo

HUD to announce long-awaited FHA Condo rules

New HUD condo rules makes affordable housing available to more urban OKC residents.

Watch Edmond Liberty Fest Parade at RE/MAX Platinum

Join me at my RE/MAX Platinum office to watch the Edmond Liberty Fest Parade.

More News

Ask Kay

Six commonly asked questions about “comps”

Realtors often use the term “comps” in discussions. What are comps and how are they determined?

Downsides of carpet allowance in lieu of new carpet

Sellers often ask if they can just provide a carpet allowance on a listing in lieu of installing new carpet. In their mind, this is a benefit to the buyer since it allows the buyer to choose their own color and style of carpet. The benefit to the seller is they don’t have to deal […]

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Off the Beaten Path

Hosting Bicycle Riders from South Korea

James and I hosted two young men – Min Ho Park Jaewon Heo –  from South Korea who were riding bicycles this summer from Los Angeles to New York. They contacted us through Warmshowers.org, where we offer a room for bicycle riders to stay as they travel across America. They are following Route 66 from […]

Butterfield Overland Stage route on dirt bikes

Kay and I both love history, and we love riding motorcycles. We often combine our dual sport rides with a bit of historical sleuthing. This time we decided to follow in the footsteps of the Butterfield Overland Stage Route as it made it’s way through Oklahoma from St. Louis to the 1850’s gold fields of […]

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Buying a Home

We offer a 24 page handbook that offers detailed information on purchasing a new home in central Oklahoma. We walk you through the home search process, how to make an offer, and what to expect during inspections and closing. Sign up below for your free copy.

Contact Kay Now!

405-641-5754 Direct

kay@kaypratt.com

RE/MAX At Home
3224 South Broadway Suite 225
Edmond, OK 73013
Office: 405-708-6691

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AREAS WE COVER:

Nichols Hill, Guthrie, Edmond, Oklahoma City, Yukon

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