Negotiating The Price For First Time Edina Real Estate Buyer

December 7, 2010 at 5:14 am

When you’ve taken plenty of time undertaking all of the research about your future house and are also happy to be negotiating with the owner, it is already the right time to make an ofer. Nevertheless, the home buying offer isn’t the end of the contract negotiation; you could still be involved with negotiating a final price after making the offer in case the seller declines to accept the offer, so you are going to need a strategy for you to secure it at the price you hoped for – or at least anything within that range – well before you extend your initial offer.

Understanding most of the conditions of the deal as well as working on a contingency plan are just a few ways to ensure you get the best price for your potential new home. Barron’s ‘Consumer’s Guide to Home Buying’ recommends to all potential home buyers to generate a checklist of things they should know how to do way before the negotiation process takes place. Here are a few things to consider as you begin negotiating the price of your new house:

1.Who are the decision makers involved in this transaction? Knowing the players benefits a skilled negotiator as this gives you an idea as to who really influences the buy-and-sell negotiation. For example, is the seller working independently or is he/she working with a real estate agent? Knowing who you will be negotiating with should help you identify the best approach for negotiations as well as let you evaluate the level of trust you can have towards the selling party.

2. What’s your back-up plan? If in the end, the seller still refuses your offer, do you still have other options? It can be quite discouraging to not be able to get what you wanted from your negotiations, but you need to know when to stop pushing for what you want and perhaps pursue another direction. Know precisely the upper price limit that you might be prepared to pay for the home and do not go past that decision only to win the price war.

3. Are you aware of the particulars of the contract? It really is important to make sure you appreciate every term and condition of the contract so you are not confronted with undesirable surprises later on. Make the effort to review the contract 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 or agent to look at everything that you are not sure of to eliminate any reservations on signing the sales agreement if you do get an accepted offer.

4. Are you comfortable with the seller? The realtor or buyer’s agent should be able to provide assistance and also decent real estate advice regarding the entire process of negotiation for your house purchase, hence you need to feel like you can trust them. Make sure you have spent an ample amount of time with them for you to create a mutually respectful relationship with each other and discuss what you really think about the property before the negotiating process begins so you are able to make a decision based on facts.

5. Do you think you’re ready to deal with difficulties? Miscommunication with the real estate agent, hostility from the seller as well as other negative communications which can arise during the sales negotiations can definitely make it tough to negotiate fairly. You need to keep your cool and make sure that you are ready to stop the deal in case you do not feel like it’s going down the right path.

Minnesota Realtor Alexandria P. Anderson helps people to find and purchase Edina homes and Edina real estate property in the Twin Cities of Minneapolis and St. Paul.

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