Barbara Corcoran touches on some great real estate tips that home buyers and sellers should give careful consideration to. Its not always easy telling buyers and sellers what they don't want to hear - but Barbara says it exactly how it is.

Sellers Tips

Setting the Asking Price

Pricing a home is a balance but risking over privcing a home is a large mistake - price it too high and buyers won't look at it - too low and the market will correct it with multiple offers. Barbara recommends pricing it lower than other available homes on the market.

Repairs

Take care of any repairs before the home is on the market. Buyers tend to over exaggerate the repair costs once a home inspection is done by up to 300% and no doubt that will be reflected in their offer price.  Not to mention it will show up when the buyer does a home inspection.

Commissions

Sellers don't haggle over commissions unfortunately it is the cost of business.  Barbara recommends offering a bonus commission - I think that this has merit but the amount of such bonus is different from market to market. It would be best to discuss this with your agent at the time of listing the home.

Low Ball Offers

Don't be insulted by low ball offers,  this is a negotiation and any offer is better than no offer at all - I always advise my sellers to counter all offers, and if we still can't put it together after trying then we know - better than second guessing wondering if you could have but didn't.

Buyers Tips

Skipping the Home Inspection to Save Money

This is not a smart idea - it is always wise to do a home inspection and ensure your offers is conditional to a satisfactory inspection. That way you know exactly what you are getting and any big expense items will be brought to your intention before you close on the property.

Low Ball Offers

Most real estate transactions only go back and fourth 3 times during negotiations according to Barbara - Sometimes that is true but other times it is not the case- I think that each property is different as is each buyer and the situation each seller and buyer is in at the time.  But if you are serious about the home and have done your research then why make an obscene low offer - low offers sometime never come together.