You just found your dream home with a perfect price and it’s time to make an offer to proceed with the buying procedure. Although most negotiations will be performed by your real estate agent, there are times that you as the buyer or seller will need to negotiate. Before you can officially claim ownership of the property, you’ll have to go through some legalities of buying a home. You’re about to start one of the most important and tension-filled parts of the entire transaction: negotiating with the seller!

Some advice listed below on how to get a successful negotiation:

  • Negotiate with the seller: Always approach a negotiation table with a win-win situation in mind. A good negotiator should leave the other party thinking they have won the negotiation. This can be earned by offering the seller with encouraging settlement terms. There is always a room for both parties to walk away believing they have won which can be at your advantage. Being informed about the trends in your local real estate market will play a big role while on the negotiation table with the seller. Get to know the area and selling price of comparable homes. When it’s time for price negotiation, buyers can research on prices of similar properties on the area’s local real estate market. Always remind sellers of the present competition in the market to get pricing to your favor.
  • Negotiation forum in person, email or by telephone? Although every situation is different, direct negotiation with the home seller while getting the purchasing deal completed is the perfect way as it has proven to be more effective than the email and telephone methods. This process gives you the chance to meet and discuss the purchase terms face to face with the seller and get to common grounds. Home buyers can as well decide to present his or her complete purchase terms to the seller and wait for a reply. Moreover, it’s very important to list out the various things to be negotiated when purchasing a home. Some key negotiations to be done with the seller are sales price and conditions which the most familiar conditions to decide upon are buyer financing, home inspection, the sale of the buyer’s property, exclusions, inclusions and possession date.

Your real estate agent has your back, so trust them during this process! We are always here to answer any of your questions, so please reach out!

Comments

comments

Bank of England Mortgage is prepared for the coronavirus outbreak. Read more by CLICKING HERE.