7 Tips for Negotiating the Best Price for a Home
- Author Lance Mohr
- Published January 26, 2008
- Word count 489
As you go about shopping for a home on the Tampa real estate market, perhaps the most important factors that you need to keep in mind are those associated with negotiating the best price on a home that you are interested in purchasing. By following the tips and suggestions set forth for you here, you will be in the best possible position to negotiate the most favorable price on a piece of Tampa real estate that you hope to call "home."
First of all, when it comes to negotiating the most favorable purchase price on a home, as a buyer it is important that you try to come to an understanding of the seller's motivation. By understanding the seller's motivation, you will be in a better stance to determine whether or not the seller will be more willing to accept a lower price for the property.
Second, you need to understand that the listing price, more often than not, is not the price that the seller will be willing accept. In the vast majority of instances, the seller has padded the listing price at least to some degree with the idea that negotiations will take place.
Third, before you actually make an offer on a particular piece of property, you need to do your homework. In this regard, you need find out the market value (this is NOT always the asking price) of the residence in question. By knowing the market value, you will have a better idea of what a reasonable sales price for the property will be at any particular point in time.
Fourth, you do need to demonstrate some flexibility. Do not maintain a take it or leave it stance. If you do take such a position, you likely will lose the deal from nearly word go.
Fifth, if you do end up having to increase your offer price, you will want to seriously consider asking the seller to give you something tangible in return. For example, you might want to request that something damaged be repaired or something else along these lines.
Sixth, keep in mind that the whole real estate sales transaction is kind of like a game of poker. You want to maintain a poker face and not reveal to the seller your strategies or objectives. Keep your hand to the vest.
Seventh, if you have the ability to pay cash for a home or if you have been pre-approved for a home mortgage loan, you will want to use this strong financial position to your advantage. A seller will be more willing to do business with someone who intends to make the purchase with cash or who has been pre-approved for a home mortgage loan.
By following these pointers, you will be in the best position to obtain the most advantageous purchase price for a home.
If you have any questions about Tampa real estateplease don't hesitate to give me a call.
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