CHAPTER 6 Negotiating a Purchase
You visited several listings and open houses. You looked for the ideal neighborhood and searched for the best available house sales. Now, you’ve finally found a property you would like to call “home” and are willing and able to pay for. Or, maybe you were lucky, and it was love at first sight, and you’re eager to close the deal as soon as possible. Congratulations! Welcome to the most important and challenging part of the home-buying process: the price negotiations. Start with knowledge of your financial status estimation and available options of financing. If you are not paying for a property with cash, many lenders have several "products" to help qualified buyers. If you’re a first-time home buyer, there are federal programs and state loans to help you with the down payment and mortgage interest rates.
HOW TO MAKE YOUR OFFER THE B FFER THE BEST OFFER
Making your first offer is an important step that needs some preparation and analysis. An important component is a Comparative Market Analysis (CMA), which your real estate agent can provide (another benefit of working with a buyer’s agent) and is a mathematical model to find out the value of the home you are looking to pout an offer on. A CMA calculates the basic conditions, such as number of bedrooms, bathrooms, existence/size of the yard, or swimming pool. Then, it compares your potential home to similar houses on the market in your area. This model will give 42
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