Did you know that there were over 528,000 homes sold in 2021? If you are a first time home buyer, it is a good idea to become familiar with real estate negotiations so that you can come out of the deal feeling great. We have put together this guide to share our top tips in real estate negotiation.
Read on to learn more and get ahead in this housing market.
1. Research
One of the first things you need to do is familiarize yourself with as much information about the property as possible. Take a look at the local real estate market to see what comparable homes have sold for recently. The more you know, the more confidence you will have while you are negotiating.
A great thing about taking the time to do your homework is that if the seller is asking for too much money, you will know this right off the bat. This will avoid you having a bidding war with another buyer on a property that is overpriced.
2. Don’t Speak First
When you first start a real estate negotiation, try as hard as you can to not speak first. If you allow the other side to speak first, you can see if they are really committed to their current asking price. If they don’t seem too committed, it will be easier to negotiate the price you prefer to pay.
We recommend you read the full article here about important questions to ask once the seller speaks first.
3. Contingencies
When you are buying a home or Miami luxury condos, there are contingencies in the purchase agreement where certain actions or requirements have to be met in order for the contract to be legally binding. Usually, the contingencies you want to ask for include an inspection and an appraisal.
These two basic things do not automatically come with the sale of a home, and there are some home buyers that try to skip over these when they’re trying to sell their home fast or have something to hide. Sometimes it might be tempting to forgo these contingencies, but we highly recommend you don’t do this.
Appraisals and inspections protect you from buying a home you regret.
4. Deep Cleaning
You’d be surprised at home some people leave the homes they’re selling. Not everyone will leave a clean home behind or go through the trouble of deep cleaning it. We highly recommend negotiating for the seller to deep clean the home before you take possession of it.
You want to make sure that it is written in the contract to ensure that when you are moving in, you don’t also have to deal with the hassle of cleaning every nook and cranny.
Ready to Tackle Your First Real Estate Negotiation?
Now that we shared our top real estate negotiation tips, you can feel more confident while you are negotiating.
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Also read: Looking to Buy a New Home? Don’t Skip These 8 Tips About Its Neighborhood!
