• 1. HOW LONG HAS THE PROPERTY BEEN ON THE MARKET?

  Why: The length of time a property has been on the market may indicate the seller's willingness to negotiate.

• 2. HAVE THERE BEEN ANY PRICE REDUCTIONS DURING THE LISTING PERIOD?

  Why: The amount of any price reduction, as it relates to the overall purchase price, may indicate the seller's desire to attract an offer.

• 3. HAVE THERE BEEN ANY OTHER OFFERS ON THE PROPERTY?

  Why: It will be helpful to know what offers may have been turned down and for what reasons.

• 4. WHAT IS THE MOTIVATION OF THE SELLER?

  Why: Motivation is a key element in any negotiation. As an example, if the Seller has already purchased a new property, your ability to close quickly may be an attractive element of the negotiations.

• 5. WHAT PERSONAL ITEMS ARE INCLUDED IN THE SALE?

  Why: Anything the seller is willing to leave behind that you won't need to buy when you move in has real value. Consider those items in your offer.

Neighborhood Specific

• 6. WHAT IS THE PRICE RANGE OF SOLD PROPERTIES IN THE AREA?

  Why: Short market times may indicate a seller's market. If this is the case, you may face competition from other buyers

• 7. WHAT IS THE AVERAGE TIME ON MARKET FOR PROPERTIES IN THIS AREA?

  Why: Short market times may indicate a seller's market. If this is the case, you may face competition from other buyers.

• 8. WHAT IS THE LIST TO SALE PRICE RATIO IN THIS AREA?

  Why: This approach to establish value works best in a P.U.D. and/or where there are similar homes, lot sizes and improvements.

• 9. WHAT IS THE AVERAGE SALES PRICE PER SQUARE FOOT OF RECENT SOLDS?

  Why: This approach to establish value works best in a P.U.D. and/or where there are similar homes, lot sizes and improvements.

• 10. WHAT OTHER KNOWN FACTORS ABOUT THE PROPERTY OR NEIGHBORHOOD COULD AFFECT VALUE?

  Why: Review the Seller's Disclosure Statement very carefully with your Sales Associate.

Final Recommendation

If you will be financing the property, get preapproved for a mortgage prior to making your offer. This will show the seller your commitment and ability to perform. Preapproval can be extremely important in a sellers market.