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Negotiating Strategies
…for your best interest
By Ann Smith
Some people enjoy
negotiating. In fact, they won’t buy anything without first trying to
swing a better deal – and that doesn’t always mean lowering the price. But
then there are others who don’t know where to begin. In the negotiating
world, the best place to start is to be prepared.
The ideal way to
determine if you’re getting the best deal while negotiating a home purchase
is to do your homework. Know the current market and make sure the
purchase is right for you – have a clear understanding of how much you can
afford. And then put yourself in the sellers’
shoes. Try to understand what they want and figure out ways to meet their
goals without compromising yours.
The winner in a
negotiation is usually the most qualified buyer who offers the best price
with the fewest strings attached. Remove as many obstacles or conditions
as possible before presenting your offer.
·
Talk to
your mortgage lender or broker and get pre-approved for a loan. This is
also beneficial in knowing how much you can realistically afford.
·
A low
offer should be viewed as the starting point, but you open the door to
other potential buyers every time you change the offer.
·
If you
must sell your home before purchasing, make sure it is listed on the MLS
system so it has the best opportunity for sale.
·
Don’t
focus on price alone. Other terms of the offer can be negotiated to your
advantage. For instance, if you know the sellers want a quick closing date,
they may lower the price to move sooner.
·
Ask for
needed repairs to be completed before closing.
·
Include
window coverings, appliances, pool equipment, etc.
·
Let the
sellers know you love their home – they may be swayed emotionally,
especially if they have lived there a long time and know you will take care
of the property once they’re gone.
Remember, every
negotiation is unique and involves compromise from the buyer and the
seller. Be prepared to walk away if the negotiations don’t fall in your
best interests but don’t let a deal fall apart over petty issues.
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