Monday, May 15, 2006

The Buy Side... Finding a Place

I've spent some time as of late discussing buy side issues . It's kind of a general take on the service and consulting value of a Realtor. Self promotional yes, but its also a sounding board where I can refine what is important when representing a client. I look forward to changing the format of the blog to be a little more true. Use it more as an actual web log of situations and solutions, stories and cool real estate links I come across and comment on.

The following is sort of a conversation I may have with clients new or newer to buying a place.

The Buy Side:

ONCE YOU FIND A PLACE. You love the place. It has a great location, top floor, huge deck, parking and close to the “L”. What now? You buy it, that’s what. I’m pushy, I know… but you have been thinking of buying a place for what…? One, two, three years now? You love Chicago and this is the next step up in life.

Once you find a place it’s time to negotiate the transaction. There is nothing set in stone… no price too high or too low. No terms too outrageous. Although there are written laws to protect consumers, you can still run into unscrupulous characters and make costly mistakes. How do you feel good about your purchase?

It’s really a rush identifying a great property and seizing the opportunity to purchase it. But the negotiation and transaction process is the meaty part. Determining a fair market price is the first step. Preparing a professional offer and securing the many terms of a contract comes next. Scheduling inspections, consulting during attorney review, and keeping the transaction on task round things out.

Every transaction is different. The buyers and sellers react in various ways to conditions of an offer. The key is to know what is reasonable and what is not, find the middle ground, and do it in a way where everyone wins. Unfortunately, unskilled negotiators can blow up a deal. A sensible owner or buyer can be too emotionally attached to the deal and act irrationally.

How will you avoid these pitfalls?

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