Smart Moves for Seniors

An Open Resource and Meetingplace for Seniors Thinking About Moving On With Their Lives and provided by Lois Patton, Licensed Real Estate Salesperson and Certified Buyer Representative with Albany Realty Group, Albany, New York. Also visit us at or call 518-459-4564.

Friday, July 14, 2006

Negotiating a price with a seller returns when a market turns to favor buyers. While a seller lists a desired price for his or her house, when there are more properties available in a given area and/or price range, buyers have more leverage to bargain with sellers. Its a calculated guess as to what buyers should be offering for a specific property and what a seller of that property may actually accept. Essentially, a buyer's offer must be attractive enough to engage the interest of a seller, or it may be rejected outright if it is too far below what a seller has listed the house at. Buyers often ask a realtor if a seller will take less than what the list price of a house is. A realtor may or may not know if this is the case, but if the agent is working for the seller, and not the buyer, the realtor has a responsibility to protect the best interests of the seller and not reveal this information to the buyer. This is an example of the legal requirements of "agency" law and it is another reason why a buyer should at the outset clarify who an agent is representing in a real estate transaction.

Give us a call and ask us about agency law if you have other questions. We'll work for you!

Have a great day!


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