Buying and selling houses and land can be fraught with difficulties and is constantly changing.
However, there are a few basic rules when buying or selling:
Rule no. 1: Always negotiate. It is a catch-cry that applies to both sellers and purchasers when buying or selling a house. In a normal or slower market a list price is the seller’s best expectation. An interested buyer considers that price, considers the property and the market, and makes an of- fer. Negotiations have opened.
Rule no. 2: The seller should always make an assessment of the market as he or she sees it. The seller should consider what else is on the market for sale, what is being asked for it and set the selling price. The purchaser does the same thing, but from the other end. The purchaser must as- sess the market, the property, what else is for sale, and what he can afford to pay. Are renovations necessary? What are the bor- rowing and purchasing costs and taxes?
Rule no. 3: Pest and building inspections assist the purchaser. These reports can be powerful negotiating tool.
Rule no. 4: Never appear too keen or too desperate. If you are the seller, let your agent do the negotiating. If you are the pur- chaser and are uncomfortable negotiating, your solicitor may assist you.
Rule no. 5: Ask the seller or agent to give you a copy of the contract. Sometimes contracts for sale of land and houses are complex. If you have any questions, take them to a solicitor.
You can contact Matthews Williams, So- licitors and Conveyancers with your ques- tions.