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Sunday, December 28, 2008

Tips on negotiating the offer

1. Dont fall too much in love with the house.Think logically.Know your limits and what the highest amount you're willing to pay for the house. Utilize comparable sales data to predetermine the upper limit of what you'll pay.

2. Always remember that from the Seller's point of view, price may not be the determining factor when selecting an offer. Combination of financing,price and contegencies sales is the one that sellers are more interested in. Ask for help from your agent to find out the Seller's needs before you make your offer.

3. Although everyone wants to feel as though they got the best deal they could, but it is smarter to put in your best offer first. You may not get a second chance.

4. Get pre-approved for a loan. If you have not taken the time to go through this process, the Seller might not think that you are serious.The seller would prefer to go with another offer .

5. The fewer contingencies you include, the more appealing your offer will be. If you can avoid it, don't make your offer contingent on the sale of your current house. This could make the closing as long as 60 days instead of 30-45 and adds one more uncertainty about you and your offer for the Seller.

6. If you do need to sell your house before you buy another one, put your house on the market before seriously looking for a new home. You can make the sale of your home have a longer closing date to accommodate your home search and if needed or if the Buyers of your house are willing, you can arrange to rent back from your home's new owners until you find your next house.

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