10 Negotiating Tips for Homebuyers

Buying a house is probably the largest purchase you will make, so finding a good real estate agent will help you negotiate a successful deal. To ensure you get the best offer, here are 10 negotiating tips for homebuyers:

  • Get a mortgage pre-approval before you start looking for houses. If you make an offer, your pre-approved status will look more attractive to the seller.
  • Use the recent sales in the neighborhood to make your offer on the home value and not the list price.
  • Research records and online listings. Find out about the seller, property, and neighborhood. Be informed and be confident in your purchase.
  • Properties in Wake County sell quickly right now. If you see something you like, be prepared to move fast. Make your first offer your best offer.
  • Ask for what you want. Feel free to ask for more repairs and concessions. The more you ask for the better the result will be, and you will be more satisfied with your future home. Use the power you have while in escrow to get what you want.
  • Do not expect to reopen negotiations after the results of the home inspection. Instead, ask for a credit at closing, so you can hire your own contractors to make any required repairs.
  • Find out why the seller is moving. The more you know, the more power you have. Does the seller have a new home already, so would he/she want a quick closing? Or is the seller still looking for a new home, and needs time before closing? Use this information to tailor your offer.
  • Compromise is key. You may have to decide between price, size, and location. If you are prepared to compromise in negotiations you are already one step ahead.
  • Let the little things go. Don’t get hung up on decor. Paint color, countertops, and appliances can all change.
  • Terms are as important as price. It is easier to get a house if you have fewer contingencies. But pay attention to requests such as a larger down payment or a new closing date.

Overall if you find a home you like, act fast, and be sure ask for everything you want before settling. Do some research and find out more about your new home, it’s location, and the seller, you can use that knowledge to your advantage. Contact us today to find your new home in a great location from a reliable seller!

 

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