Hiding the fact that you’ve taken the time to study comps, or not even bothering to do your homework ahead of time, is a big mistake that can not only weaken your bargaining position during the negotiation process, but can also cost you in the end, whether that means paying more for the home you want, or walking away from a potential sale. DON’T LEAVE YOURSELF VULNERABLE. Nothing shows “vulnerable” or “weak” like someone who is unprepared. If you come empty-handed and don’t seem to know anything about the market, about comparable home sales, about the property’s condition and history, then you’ll seem like an easy target to the seller and his/her agent and could be taken advantage of, leaving the ball in the seller’s court. You want it to be the other way around! Make sure you hold the power! Don’t leave yourself vulnerable. DO MAKE YOUR FIRST OFFER THE BEST OFFER. Part of making your first offer the best offer involves doing your research on several comparable home sales in the area, as well as the conditions of these properties. It also involves strategizing with your real estate agent on the amount you will be offering, which involves a significant amount of advance preparation and analysis. Look at it from the angle of using your own knowledge and factors in arriving at your offer, rather than merely “responding” to the seller’s listing price. The two perspectives aren’t necessarily related. One critical component to include in making your first offer the best offer is having a Comparative Market Analysis
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