Jim Curry - Home Buyers Guide V2 Book

negotiating, and, with years of experience under their belt, only get better with time. A fresh-to-the-market real estate agent might not be any more skilled at negotiating than you are. DON’T NEGOTIATE ALONE. If you enter the negotiating process without a good buyer’s agent to work on your behalf and to back you up, then you could be asking for trouble. You could be taken advantage of by the listing agent, who wants his or her commission as well as to get a great deal for the seller — not for you. Th e listing agent and the seller want to sell the home for as much as they can (within reason), but you want to purchase the home at an amount you can a ff ord, and maybe lower (within reason). Don’t navigate this important aspect of home buying by your lonesome; hire a good agent to help you! DO PREPARE FINANCIALLY. It’s important that you take care in ensuring you know your fin ancial status before you ever get to the negotiation process. Th is basically means 1) fin ding out how much you can a ff ord — for a down payment and for monthly mortgage payments, as well as other expenses that come with homeownership — and then 2) getting pre-approved for a home loan from your bank or other reputable mortgage-lending company. If you’re a fir st-time home buyer, there are federal programs and state loans to help you with your down payment and mortgage interest rates. Be sure to work with your agent to determine your maximum budget before making any o ff ers on a prospective home. Learn and know the maximum amount that you are prepared to spend in general, as well as on your target home spe cifi cally. A ft er you agree on a price, your agent will send the proposal on your behalf to the seller, or the seller’s agent (listing agent). Th e agent will either accept it or present your agent with a countero ff er. Th e goal is that the negotiations will go back and forth until you settle 109

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