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  • Ron Goldan | 908.253.9700
 

Home Buying Negotiation Tips

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Are you looking to buy a home? First off, congratulations! It's an exciting and wonderful time. However, don't get complacent just yet. You still have a lot of hurdles to maneuver -- not the least of which is the home buying negotiation process.

 

Act Right Away

When you get a counteroffer from the seller, it's important to act quickly so you don't lose your edge. You don't want another buyer to swoop in and make the seller an offer they can't refuse, all while you're wringing your hands wondering what to do. Be proactive, take action and submit another offer as soon as you can, advises HGTV. The last thing you want is to engage in a bidding war with another buyer -- which is a seller's dream!

 

Get Tight with Your Real Estate Agent

You hired an agent for a reason: to help you find and purchase a home. Your real estate agent is trained to be a master negotiator, so lean on him or her to get the inside scoop on what will land you the house. Check in frequently with your agent to ensure you're on the same page when it comes to deal breakers and expectations.

 

It Depends on the Market

How much you buy your house for and how much you get with it all depends on the market at the moment. In a buyer's market, the sky's the limit. You hold the control when it comes to negotiating a sale price, so go about 10 percent under the asking. If you want things included in the price, such as that cool entertainment center, ask for it. However, things change quite a bit in a seller's market. Offer the asking price or just under it in order to be taken seriously, especially as a single buyer. Have a pre-approval letter handy so the seller knows you're a serious contender. You will probably only get standard contingencies such as inspections and appraisal, so now's not the time to throw in the grill and draperies you love into the equation.

 

Negotiating throughout the home buying process can be daunting but not if you're prepared.