The more people there are bidding on your dream property means less chance of getting a great deal on it. Competition is generally considered a healthy, natural happenstance in life. Unfortunately, the same cannot be said for buyers looking into real estate. Here are some tips you should know as a buyer that will help you negotiate the best real estate deal.
Determine whether you want an established home or a fixer-upper. Houses can sometimes be priced comparably even though one may need significantly more work than another. Understanding property values in your area can help.
There’s nothing worse than insulting a seller with a lowball offer before you’ve even done your research. If you find that house you’re looking for, look for comparable sales in the area. A good seller will know what houses in his/her market are going for, so don’t try to outsmart them.
There are other ways to get the “discounts” you’re looking for. In your proposals ask for things that you’d like to see done, or left in the house. Keeping appliances or replacing carpet or other amenities in the home are good ways to save money on changes or additions you’d make anyway. Getting these into the agreement can help you save on your bottom line.
That said, don’t get caught holding all the cards. Remaining in a bidding war over a few thousand dollars is meaningless on a 30-year loan, especially if the house you’re looking at it is your dream home. It’s OK to stand your ground for a good deal, but don’t run yourself out of the deal by asking for too many things at once.
Find out why the seller is getting rid of the home in the first place. If you find out if it’s because of job relocation, divorce, retirement or any number of other factors, you may be able to come to a better understanding which often means a better deal.
Following these guidelines will help improve your chances of getting the best on your home. Contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you find your dream home.
Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.
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