Negotiating

Negotiating

"I'm gonna make him an offer he won't refuse," is a famous line from The Godfather but not everything is that simple especially in real estate transactions. When buying or selling a home everything is negotiable including when you can start moving in. Here are some tips to make sure everyone can come out a winner. 

1.Price

Sellers - This isn’t an arbitrary number. If the house is priced too high it’ll sit on the market, too low and you’re missing an opportunity. Your realtor will help you determine a fair price that considers the value of the home as well as values of other homes sold in the nearby area. 

Buyers – You potentially will be competing against others, so make the most compelling offer you can. Sellers will quickly discredit your offer if it’s too low. Make sure to consider all aspects of your offer including closing or maintenance costs.

2.Finances

Sellers – Know what your final selling price is including what you want or don’t want to put toward closing costs.

Buyers - make sure to have your finances in order before making an offer. If you love the home so does someone else. Sellers may have several offers at once. Showing you are preapproved will help make sure your offer is given the consideration it's due. 

3.Don't get hung up on the small stuff

 Sellers – you love your home, but remember everyone has their own style. Changes will be made but try to not get bent out of shape with buyer maintenance requests.

Buyers - no home is perfect so go into negotiations knowing what maintenance issues are a must fix and which you could live with fixing yourself. 

4.Inspections

Sellers – Inspections can make or break a deal so make sure you’re not waiting around on pins and needles. When negotiating you can request a time frame for buyers to have inspections completed.

Buyers – Inspections are important! Inspectors are trained to spot things that you may not realize could be an issue. Partner with your realtor to get a recommendation.

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