Nobody wants to get ripped off when it comes to buying or renting a home. Are you suspicious of the price for what you’re getting and not sure about who you should ask? Well we’re here to answer the questions for you and get you on a road to financial success when it comes to purchasing a home.
Testing the Waters
Even in a prominent seller’s market, you can very often offer below the seller’s list price, even if you’re only doing it to get the reaction. It’s always worth a shot. Every now and then, you’ll come across a seller that listed their property for as low as they were willing to take just to avoid having to negotiate. But more often, a seller will list the house for much more than it’s worth just to leave room for negotiation. It all depends on the seller and if you can manage to master the fine art of negotiation.
Get an Appraised Value and a Home Inspection
Home Inspections and appraisals are two very different things. Often, as soon as you’re under contract, the lender will have an appraisal done. This is typically done at your expense, but there is an exception to every rule. The lender has this done to make sure that in the case that you can’t make payments and the house is foreclosed on, they can make the money up by selling the house. A home inspection is something that you will want to set up so that you know exactly what you’re getting and what work might or might not need to be done. Having a home inspection performed can also help you negotiate the price if there are any major issues.
The best tool any buyer has with a seller is negotiation. But how do you negotiate a good price on a house? There are a few ways you can go about negotiating, but first you need to know what kind of seller you’re dealing with. Why are they selling their house? Are they in a hurry? Chances are, they’re already under the gun and just need to sell. In this case, you’ll have a much easier time asking for a lower price than what was posted. Sometimes after a home inspection, if an issue is discovered, it can be much easier to talk the seller down on a price.
It’s important to show a seller that you’re enthusiastic about the home. They’re much more likely to sell the home to you for lower than the asking price if you make it obvious and be enthusiastic about how much you really want and even need the house. Tell them you can’t wait to decorate and love the view and look forward to parties and family gathering there.
Negotiating an asking price can be difficult, but in the end, as long as you end up with a home that you love, everyone is happy. We hope you’ve enjoyed reading through these tips to getting a fair price on your new home! Happy homecoming!