Buying a home is nothing like the dance we experience with the salesman at the car dealer; however there is more room for negotiating in home purchases then many believe. Here is a quick list to help you become better prepared to when it comes to making one of life’s biggest purchases.
Make sure you know how long the home has been on the market. This can give you an idea of how willing the seller may be to lower the price.
Use several contingencies that are not that important to you. These can be used for bargaining without having to give up important requirements you may have.
Have several homes you are interested. Being too attached to the perfect home can be one of the single biggest mistakes a buyer can make. While you may “love” the home you are making on offer on there is always a real chance that you will not get it. Having several home to choose from give you more power.
Try to find out if the seller has any pressing need to sell sooner, rather than later. Having this information can certainly give you leverage.
Make your first offer a low one, but be careful of “low-balling”. While this may work out, many people love their homes and can become offended by a price that they feel is, too far below market value. Low balling is best used if you are really not too concerned if you an offer is accepted or not.
Don’t spend too much time with a seller who is not willing to negotiate. Some sellers are content to wait for the price and are in no hurry to sell. This situation will put you at a disadvantage so its most likely best to simply move on.
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