5 Tips for Home Negotiating
Posted on March 5, 2021
When it comes to buying a home, negotiating can save you more than you might think. Choosing a great realtor or real estate agent can help you get the most out of your negotiation when buying your home. It can seem like numbers are being thrown around and it’s crucial you understand what your budget is and where your money is going. Knowing the basics of negotiating can help you make better decisions on your budget and setting boundaries with your realtor and the seller.
5 Negotiation Tips
- Set a Budget: know in advance how much you’re willing to pay and work back from that number to determine your initial offer. Work with your real estate agent to help you figure out the best price while taking other factors into consideration.
- Don’t let the competition change your plans: Stick to your predetermined price and avoid agreeing to concessions that aren’t in your best interest- like waving an inspection fee.
- Don’t lead with your emotions: Even if it is your dream house, be sure to stick to your plan and try to remain emotionless to the seller. You want the seller to think that you might walk away if the terms are not in your favor.
- Make a strong offer: By getting pre-approved for a mortgage, the seller may take your offer more seriously in knowing that you can actually afford and purchase their house if they end up accepting your offer.
- Find out the motivation of the seller: This might be difficult to do, but if you can, simply ask “why are you selling?” This can help you negotiate your offer as well as learn more about the house or the neighborhood.
Reach out for a phone call and one of our experienced loan partners can talk to you about how to negotiate during the home buying process.