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Get the best price for your new home purchase.
These negotiating tips will put you in the driver’s seat when arbitrating the purchase of any property.
Negotiating the price of your home can be a strenuous process.
How do you know you are getting the best price for your new home?
There are many ways to help put you in control of the negotiating process while still creating a win/win situation for yourself and the seller.
There are two places to negotiate. One is on the loan itself. The other is on the purchase details of the house you will be buying.
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http://www.NegotiateYourPrice.com - Have you found the home you want to buy? The next step is to write an offer. Use the following negotiation techniques to reach an agreement with the seller. What Does a Purchase Offer Consist Of? A purchase offer is a written contract which you sign and submit to the seller; it is accompanied by a certain amount of “earnest money” (a small good faith deposit to show you are serious about buying the home). The written purchase offer indicates the amount you are willing to give the seller for his or her property. If you are working with an experienced real estate agent, he or she will typically provide a standard purchase offer form which you can complete, sign, and then hand over to the seller to sign. If you are not working with a realtor, be sure you are aware of state laws regarding the information the offer should include. Because your written offer forms the basis of a legal contract with the seller, be thorough. There are some important details you should be sure to talk through with your agent, and to make sure are accurately included on your purchase offer, such as: • the amount you are offering for the home, and how you will pay the seller (cash, check, etc.) • contingencies to protect you if your financing falls through, or if the inspection unearths major problems with the home (because inspection happens after you make an offer) • conveyances, such as whether the home comes furnished or unfurnished • an expiration date, by which the seller must respond or your offer expires • concessions, such as any closing costs or other costs you would like the seller to pay for • the amount of earnest money you are offering • the size of your down payment Get the FREE Report to help you downsize and sell Your Home Fast at www.NegotiateYourPrice.com! The “earnest money” deposit can range from about $500 to 5% of the value of the home, depending on where you are interested in buying, and the state of the market. Your earnest money is typically put towards your closing costs; however, if you enter into a contract with the seller and then breach that contract, you could stand to lose this money. Once you make a purchase offer, sign it and submit it to the seller along with your earnest money (this is usually done through your agent), the seller has the right to either sign your offer as is, make a counter offer, or reject your offer outright. If the seller accepts your purchase offer, the offer becomes a contract, and you are on your way to owning the home. If the seller counters your offer, you may choose to counter his or her offer, or walk away. Note: If, for some reason, you forget to specify contingencies in your offer, there are sometimes legal steps you can take to back out of the deal. Ask your agent what recourse you have. Get more info by calling 301-418-8640. Setting strategy The local market's condition is the single-most important factor in negotiation strategy. And just like the weather, the landscape is a crazy quilt of micro-climates. Markets vary from place to place and neighborhood to neighborhood. The first thing you need to know is what kind of market you are in: a buyer's market; a seller's market, a balanced market or a market where red-hot bidding wars ensue. Negotiating in a buyer's market You have more leverage in a buyers' market than any other market type because there are more homes for sale than buyers to make offers. For sellers, especially those who have to move for whatever reason, this is the most nerve-wracking market. Properties take longer to sell, so sellers are less likely to allow potential buyers to slip their grasp. They may hate your demands, but they need to sell, so you can assume control of the negotiation. Buyer's market strategy: Ask for the moon - Negotiate the home price. Make an offer at least 10 percent under the price you want to end up paying. - Ask for seller-financed closing costs and a closing time convenient for you. - You want all the appliances and the entertainment center? Ask for them. - You'd really like the gas grill and flower pots on the deck? Go for it. Buyer's tip: You're most likely to win concessions and personal property in a buyers' market. Go to www.NegotiateYourPrice.com or call 301-418-8640 Negotiating in a seller's market Pit bulls beware. In a sellers' market, buyers don't have much clout, and style matters. If the seller has a desirable home and doesn't like your offer, he won't invest time in negotiating with you. In a sellers' market, a good strategy is to make a straightforward, “clean” offer. Buyers cannot procrastinate once they've found a home they want. Any agent worth his commission will urge you to make a quick decision, perhaps drawing up an offer the same day you tour the property. Go to www.NegotiateYourPrice.com or call 301-418-8640 https://youtu.be/pmu1F63Cfbw
6 tips on Negotiating Your Home Price