Five Hot Real Estate Negotiating Tips to Help Get You the Best Deal

Posted on: May 23, 2012

Buying a home is something that most families dream of, and it’s a goal that many people work for years to achieve. After all of that sacrifice and saving to come up with a down payment, the work doesn’t stop there – you want to get the best deal on your new home to maximize your investment. These hot tips can help you get the killer deal you want on a home you’ll be living with for the next five to fifty years:


1.  Find Out the Seller’s Timeframe

If the seller is in a hurry to sell, you may be able to negotiate the price down. If the seller has been trying to sell for years, it may indicate that they have an unreasonable expectation of what the property is worth.


2.  Find Out Why the Seller is Selling

Sellers sell for a variety of reasons. If someone is relocating for work, they may be more willing to compromise on the price just to get rid of the bill. But someone with a more relaxed, casual reason for selling isn’t in as much of a hurry, so may be less willing to negotiate early.


3.  Have a Good Understanding of the Local Market

Use your knowledge of comparable properties to get a better deal. If a home is priced above-market, point to the comps and say why you think you deserve a better price. If a home is already priced reasonably, you may want to snap it up, or negotiate concessions or other benefits to make the deal more attractive to you.


4.  Be Reasonable

When you’re negotiating, ALWAYS be reasonable. Don’t lowball in an attempt to psych out the buyer or show that you “mean business.” Be willing to compromise, and you’ll find sellers much more open to negotiation than if you try to strong-arm them or otherwise manipulate them.


5.  Include an Inspection Contingency

An inspection contingency can offer you a great opportunity to re-negotiate your deal. If your inspector finds flaws, you can negotiate a price reduction. Always include a good inspection contingency to not only serve as a loophole in case something bad turns up, but also to give you room for negotiation further along in the deal.


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