Mark Slade - FirstTimeBuyer

Once you have researched properties similar to the one you wish to buy, take the average price of all the homes and mention it in the offer. It is important to visit the homes you are using as comps before deciding on a price. If the target home has additional features, you need to consider them in the price quote. It is best to mention the comparable sales in negotiations. It will give the seller an idea that you have done your research on this, strengthening your bargaining position. A purchase offer can evoke three possible responses from the seller. First, the homeowner might accept your offer as it is. Second, he might counter the offer by demanding changes. Third, he might reject the offer altogether with a completely different counter proposal. To deal with the response effectively, you must first know the maximum amount you are prepared to spend on the deal. If you have convinced the seller to come down from the listed price (as guided by the comps) and now the seller comes down on the price through a counteroffer, you will need to figure out how badly you want to go ahead with the deal. If you persist with your offer price when there is high market demand, then you might lose the property to some other buyer. Always remember that home-buying negotiation is a professional business transaction, so don’t approach it with personal sentiments.


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