Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:
- Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
- Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
- “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
- Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.
- Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.
39 Pequot Street, Billerica
Over Asking Price At $462,000
How much is your home worth in today’s market??
7 Karen Circle #4, Billerica
Studio Condo at Mitchell Estates
JUST SOLD – $90,000
How Much Is Your Home Worth In Today’s Market??
39 Pequot St, Billerica
An outdoor enthusiasts dream location!! This well maintained 3 bdrm colonial abuts the conservation land of the Vietnam Veterans Park which offers an abundance of trails, you can also launch your canoe or kayak directly across the street or just relax on your front porch admiring the views of Winning Pond!! The open floor plan is ideal for entertaining! Eat in kitchen with pantry, formal dining room open to the large living room and a little nook for an office! Hardwood floors are through out the 1st floor & 2nd floor hallway. Upstairs offers 3 generous sized bedrooms, full bath and pull down attic access. Basement is partially finished and great potential for additional space! Easy to maintained fenced yard with oversized deck that overlooks the conservation land where you can catch many of mother natures little furry friends!
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Talk to mortgage brokers.
Many first-time home buyers don’t take the time to get pre-approved. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.
Be ready to move.
This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.
Find a trusted partner.
It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.
Make a good offer.
Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller.
Factor maintenance and repair costs into your buying budget.
Even brand-new homes will require some work. Don’t leave yourself short and let your home deteriorate.
It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy.
Develop your home/neighborhood wish list.
Prioritize these items from most important to least. Select where you want to live.
7 Karen Circle #4
Cozy ground level studio condo with patio in Mitchell Estates. Great investment opportunity or a great 1st step to get out of your rental and into home ownership! Laundry facilities in the building, and extra storage in the attic. Pet friendly building. Great commuter location!