Negotiating With Sellers

Buying a home is one of the most important purchases most people will make. In order to make the right decision the first time, potential buyers need to be prepared. Consider the following before starting negotiations. 

  • Research the housing market in the target area. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as:

1. Why is the homeowner selling?

2. How long has the home been on the market?

3. How much did the seller pay for the home compared to the current asking price?

4. What is the seller's time frame for selling and moving? Does it fit within your needs?         

5. Are there any defects in the home or problems with the surrounding neighborhood?

As the potential buyer, you want the advantage. While you want answers to all your questions to the seller, reveal very little about your circumstances. Make sure that your agent knows not to reveal any such information to the seller or his/her agent.

Establish a Timeline

Find out if the seller needs to have the sale closed sooner rather than later. If the seller is feeling pressured to sell, use that to your advantage in negotiating. Even if you, the buyer, are the one with the deadline for purchasing a home, don't let yourself be rushed into making concessions or a purchase you may regret later.

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