Negotiating on a home of interest could be the toughest part of the process. Your knowledge and preparation could make the difference between you ending up on the good or bad end of the deal. These are some negotiation tactics to always keep in mind when purchasing a home.
Try to know more than the seller. Most people don’t know that you’re able to have an independent appraisal prior to entering a contract. This will help you discover the home’s value on your own. You will also become much more knowledgeable about the home and the neighborhood around it. This is great information to have when going into negotiations by allowing you to make well-informed offers.
Never be afraid to ask. Know that you won’t get the things you want if you don’t ask for them. Ask for the repairs and other things you would like but understand that you will not be able to get everything you want. It is best to wait until the end of the inspection period to request the things you’d like. The more you ask for, the more you get.
Understand an offer before you accept or deny it. Small price differences should not determine whether you are able to close a deal. Doing a little bit of math could show you that a few thousand dollars extra may only add up to be an additional ten or twenty dollars on your monthly payment. Pick your battles and don’t be afraid to give up a little ground occasionally.
Move quickly. In a competitive home market, houses may enter and exit very fast. You must be prepared to move at all times. If you know that the market of interest is very competitive, make your first offer as good as possible. Trying to make a low offer may seem like it is your best interest until you strike out repeatedly.
Hire a great real estate agent. Keeping a solid agent by your side at all times will be of great value to you. They will work to get you, their client, the best deal possible. Their experience can help you decide when to go hard and when to pull back. They can set up great arrangements and clauses that you may not have thought of, at all.
Know why the seller wants to move. This can give you an idea of how desperate they are to sell the home. Knowing more about the seller is great for putting together a strategy to use during the negotiations.
These are simple tips that can help you get the most out of the home buying process.