Ways To Negotiate Contract Price As A First Time Home Buyer

Submitted by: Alex Anderson

When you have already taken enough time doing all of the research regarding your potential real estate property and you’re willing to start doing work with the seller, it is about time to make the offer. Even so, the your buying offer is not the last part of the sales process; you might be discussing prices after making the offer if the seller declines to accept the offer, therefore you will definitely need a plan to get the selling/buying price you wanted – or anything within that range – well before you stretch your initial offer.

Being familiar with many of the conditions of the deal as well as working on a backup plan are some ways to be sure you are offered the best price possible for your potential new house. The ‘Consumer’s Guide to Home Buying’ by the Barron’s series recommends to any prospective homeowners to generate a list of items they can practice way before the negotiation process starts. Here are a few things to take into account as you begin discussing the cost of your brand new home:

1.Who will be making the decisions in this sale?Who will be making the decisions in this sale, for all parties involved? Knowing who the decision makers are would benefit a competent negotiator simply because this gives you an idea as to who really influences the entire sales process. For example, is the seller working independently or is he/she working with a third party, i.e. an agent or a lawyer? Knowing who you are negotiating with should help you establish the best approach for negotiations and also let you gauge how much you can trust the selling party.

2. What’s your contingency plan? If in the end, the seller still refuses your offer, do you still have other options? It is definitely disheartening not to get what you want from your negotiations, but you need to be able to say when to back off and perhaps work towards another direction. Know precisely the upper price limit that you’re willing to pay for the home and do not move over and above that price only to win the price war.

3. Are you aware of the details of the sales agreement? It’s crucial to fully understand all the terms and conditions of the sales agreement so you’re not confronted with any surprises later on. Take some time to review the sales agreement and all the other details that go with it and note down anything that is not 100% clear to you. Sit down with the seller so that you can go over everything that you are not sure of so you don’t have any reservations about signing if your offer gets accepted.

4. Are you comfortable with the seller? The realtor can provide guidance and also professional advice concerning the home negotiation process, hence you need to feel like you can trust them. Spend sufficient time talking to them to be able to develop a mutually respectful relationship with each other as well as discuss your thoughts about the home that you are about to buy before the negotiating process gets started so you will be able to make a decision based on facts.

5. Do you think you’re ready to handle difficulties? Poor communication skills from the seller’s agent, too much aggressive selling from the agent as well as other negative communications that can arise during negotiation can make it tough to negotiate fairly. Keep your cool and be ready to say that you don’t want to make the deal anymore in the event that you do not feel like it’s going down the right path.

About the Author: Alexandria P. Anderson is a licensed Minnesota Realtor that uses the

MN MLS Listings

to help her clients to find and purchase

Minnesota Land for Sale

.

Source:

isnare.com

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