which is a mathematical model to find out the real market value of your future home. It calculates the basic elements, such as number of bedrooms, bathrooms, and existence of a yard or swimming pool. Then it compares your potential home to similar houses on the market in your area. This model will give you an idea of the average local cost, which will be fundamental for your offer. After the approximation, add or remove the components that increase or decrease the value. For example, you know that the current owners have recently changed all the plumbing in the house. Or the opposite, their plumbing is fifteen years old and will probably start breaking down soon. Get estimates for any immediate repairs necessary. The real estate agent’s services will be very helpful here in particular. It will not take this professional as much time to evaluate all the pros and cons and come to you with a proposal. Your real estate agent will assist in this analytical process and usually with the decision itself. The agent may advise on your offering price and the right adjustments for the various factors involved. After you agree on a price, the agent will send the proposal to the seller or the seller’s agent. The seller or their agent will either accept it or present you a counter-offer. Negotiations will go back and forth until all parties reach an agreement. After that, the home buying will move into the escrow stage.
NEGOTIATING THE PRICE: WHICH TACTICS TO USE
The goal of your negotiation is to buy a house for an amount of money you are willing and able to pay, and if you get it for less than you were willing to pay, you have exceeded your goal.
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