mortgage home and percentage lock
Mortgage Rate Lock: Costs, Expiration and Lender Assistance
February 9, 2021
Loan Officer with customer
Seller Negotiations: Loan Officer and Realtor Roles
April 13, 2021
Show all

Seller Negotiations: Timelines and Being Prepared

A man hold the box with writing negotiation text

There are a few areas of modern life where negotiation is very important, and a mortgage and home purchase situation is perhaps the single best example. Negotiations with sellers are a common and expected part of a homebuying situation, and those prepared properly for this will generally see far better results than those who are not.

At Primary Residential Mortgage in Fort Myers, we’re here to help. We offer not only a huge variety of mortgage rates and mortgage loan products, from conventional loans to mortgage programs like FHA, VA, USDA and many others, but also several areas of expertise to assist our clients. We’ve worked with numerous clients in important areas of their mortgage application and home purchase, including negotiations with sellers. This two-part blog series will go over everything you need to know about seller negotiations, including the role that our loan officers and other professionals assisting you might take.

Negotiation Timelines

First and foremost, it’s important to understand that timelines are vital within the homebuying world, and especially during negotiations between buyers and sellers. Offers and counter-offers will almost always carry time limits by which one party requests the other respond, and it’s important for both sides to be cognizant and communicative of these.

You also may be involved in situations where you’re just one buyer competing with others for the same property. Again, timelines and deadlines are vital here: Many sellers will automatically eliminate any prospective buyer who is unable to meet basic deadlines. This is one area where working with a quality realtor and loan officer will be enormously beneficial, as these professionals will help guide you through some of the most important dates and deadlines.

Being Prepared to Negotiate

Here are some general areas you should talk over with your realtor and loan officer before negotiations begin to help them go smoothly:

  • Must-haves, needs, wants: There will be certain dealbreaker qualities of any home you look into, those you cannot proceed without. But then there will also be those you prefer and just those you’d enjoy – you need to have a good idea of which of these is which so you can quickly balance offers or counter-offers in negotiations.
  • Pre-approval: Being pre-approved gives you exponentially more negotiating power than someone who is not. Sellers often prefer pre-approved buyers to negotiate with.
  • CMAs: Before making offers, have your realtor complete a comparative market analysis (CMA) so you understand how the offer price was reached – and so the seller has the same information.

For more on how to prepare yourself for potential negotiations with a seller during a mortgage and homebuying process, or to learn about any of our mortgage rates or home loan services, speak to the staff at Primary Residential Mortgage in Fort Myers today.

*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.

Translate »