CHAPTER 6 Buying a House: Negotiation Dos and Don'ts
You visited dozens of open houses and met with builders and sellers. You looked for the ideal neighborhood and searched for the best available offers. 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’re a first-time home buyer, there will be federal programs and state loans to help you with the down payment and mortgage interest rates. You likely know how much money you wish to spend. Considering all the opportunities and possibilities will give you flexibility during the negotiation process.
HOW TO MAKE YOUR FIRST OFFER THE BEST OFFER
Making your first offer is an important step that needs a significant amount of preparation and analysis. Go in knowledgeable, with consideration of all the components of your price offer, when submitting the proposal to the seller. You are not so much responding to their listing price as using your own factors in arriving at your offer. The two aren’t necessarily related. An important component is a Comparative Market Analysis 45
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