Tuesday, January 10, 2012

Tips to Negotiate Buying a Home

Negotiating to buy a home may seem daunting but with our checklist you may even save some money negotiating yourself. First and for most, stay focused during the process and keep your eyes on the goal; Purchasing your home!

Keep Your Emotions to Yourself: Not letting your emotions take over buying your home. Remind yourself that buying a home is a "business transaction". If you go into it with this mentality then a seller may think you have other options and may be more inclined to sell to your terms.

Ask Questions: Asking questions about the sellers' financial position may let you know how motivated they are to sell. If they are in foreclosure or short sale this will let you know that they are motivated. Remember, if this is the case the bank may have the final word. Also, ask if the buyers  already purchased another home. If they did, they may be motivated as they probably don't want to carry two mortgages.

Get Prequalified: Before you start to look or place offers on homes get prequalified. Getting prequalified shows sellers that you are serious about buying a home.

Check Comparable Properties:  Do your market research to reflect your offer based on what has sold in the last three to six months in the neighborhood. You will most liekly find that homes that are listed sell sell for lower than the active listings. 

Avoid Contingencies: Keep your offer free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

Please contact MySecretAgent should you have any further questions on how to list your home or how to contatact a seller

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