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. It is always advisable for buyers to get preapproved, not just prequalified. Preapproved 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.
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 marketmake
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.
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.
Consult century21.com for offices and professionals in your area to assist
you in the home buying process.