Looking to buy your first home? If so, then of course you want to make your money go as far as possible. Fortunately, when you buy a home, a little negotiation is almost always to be expected. In fact, there are several common negotiation points worth keeping in mind as you navigate your way through the process of making an offer and closing the deal!
Start by taking local comps into consideration; this is an aspect where it really helps to have a real estate agent on your site. Comps refer to the final sale prices of local homes that have recently sold. If your agent finds that homes with similar layouts and square footage are selling for less than the asking price in the same neighborhood, this could be a great negotiation point, as the home for sale is likely overpriced.
Time on Market
The amount of time a home has been on the market is also another potential area of negotiation. If a home has been on the market for several months and hasn't had any offers at or near asking price, this could be another indication that the home itself is overpriced. Furthermore, if the sellers really want to get rid of the house, they may be willing to accept a little below their original asking price if it means getting the home off the market.
Even once you've reached an agreed-upon sale price with the seller, you may still have room for a little more negotiation down the road. Specifically, when you have the house inspected, be sure to take a detailed look at the inspection report. If there are any major issues, you can either ask the seller to fix them for you or ask for an adjustment of the home sale price to help offset the costs of making repairs yourself.
A Short Appraisal
Finally, if the appraisal on the home comes up short of the sale price you agreed upon, you won't be able to get financing. The only way to remedy this would be to ask the seller if they'd be willing to lower the price of the home to appraised value. This late in the game, many sellers will oblige, since they don't want to have to go through the entire process of listing and selling the home again. At the same time, you enjoy the peace of mind in knowing you paid fair market value!Share
31 October 2017
Do you absolutely adore your home, but are planning an upcoming move due to a career change? If you’re moving in the near future, you might desperately desire to sell your current home as soon as possible. To help you accomplish this important task, consider hiring an experienced, real estate agent in your community. This individual can help you select the perfect selling price for your house. Your real estate agent can also provide valuable information about staging your home to perfection. For instance, to make your home more inviting, your real estate agent might suggest you purchase new bedding, window treatments, and artwork. On this blog, I hope you will discover how a real estate agent can help you sell your home fast. Enjoy!