Interested parties came, did those interested see and subsequently show interest in the purchase? Great, you have successfully completed the first round. But another is waiting for you. Until recently, real estate prices have been rising steadily and buyers have long longed for a discount. It is up to you to evaluate the results of individual inspections, their number, the benefits of possible offers and consider whether a possible adjustment of the price is justified for you, whether you will accept the counter-offer. Try to approach the action rationally and without emotion. Do not take a counter-offer as a sign of disrespect or insult. Very often, negotiations end in some form of compromise that is mutually beneficial.
Of course, it may not even make sense to respond to pressure offers such as "I have only seen your property on the Internet, but now I am offering you a million less for it"
However, use this opportunity to check the candidates during the price negotiations. If they are interested, they should be able and willing to communicate at least the following.
- How will they possibly pay the purchase price
- From their own resources, their own savings?
- Through a mortgage loan? Alternatively, through a combination of several different loans
- From own resources in combination with a mortgage loan?
- If a mortgage loan is at stake, have the parties already negotiated with a specific bank?
- With what result? Are those interested willing to document the outcome of the negotiations?
- How much time do applicants need to resolve the provision of financing?
- Are interested parties willing to confirm their interest in writing and make a deposit on the purchase price, if any?
You can also check the interested party through the register of debtors. The sale is not only about the profit from the sale, but also about the time horizon in which the profit will be realized.
It is not just about money, very often the sale of real estate is followed by other steps of sellers, such as buying another real estate. It is therefore very important to know at least the basic timeline of sales. It can be said very simply that if the buyers have their own resources, the sale in the sense of preparing contracts will take you days. The subsequent transfer of ownership then takes 20 + 30 days according to the legal deadlines to the cadastral office.
However, the practice is such that the cadastral office transfers the ownership right realistically within 21-30 days. The whole sale can take about 5-6 weeks.
But if the buyer solves a mortgage loan. The whole transaction will drag on. According to the readiness of buyers in the order of days - weeks - months. In the most common cases, the settlement of a mortgage loan, including the realization of an expert opinion by a bank appraiser, will take approximately 2 to 4 weeks.