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Tuesday, December 17, 2013

Negotiate your way into your dream home.

Whether you are buying your first home or looking to downsize after retirement, negotiation skills are crucial in getting what you want. Here are some tips for homebuyers trying to negotiate with sellers.

  1. It is always advisable for buyers to get preapproved, not just prequalified. Pre-approved buyers have an edge over potential buyers who have only prequalified for a loan. Preapproval means the buyer has attained a conditional commitment in writing for an exact loan amount from a lender. This saves time and a quick closing may be appealing to a seller.
  2. Do your homework before you make an offer. Confer with your qualified real estate agent to decide how much a property is worth. After researching comparables, crime statistics, local schools and considering the length of time the property has been on the market-make an educated and realistic offer. If you come to negotiations with facts to back up your offer, the seller may be more willing to meet your price.
  3. Find out the seller's motivation. Do your due diligence when it comes to finding out as much as you can about why the home is for sale. If a property is vacant, perhaps the owners are anxious to unload the property. It is important the sellers see a human face on the other end of the sale. This may work in your favor, though be careful not to over share with the sellers, exposing your motivation or finances.

As always, make sure to consult and/or visit our local REALTOR pros at either one of our office to assist you in the home busying process. We are always here to assist.

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Monrovia, California, United States