Making An Offer On A Property?
Before you make an offer on a property, make sure you know what you want. Know what your bottom line price is and know what contingencies must be in the contract.
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Do your homework
Always do, or have your real estate agent, research the property. Check with the local courthouse, check tax records and mortgage liens. This information could tell you if a seller is able to give your more than they are stating. It also can let you know if they are taking a loss and simply cannot meet your demands.
Be quiet and listen
Being quiet is hard for most people. However, if you can practice being quiet during negotiations it could save you a lot of money. State your desires and then stop talking. Wait for the other party to talk. Many times people will give you more than you ask for if you just let them talk.
Give and Take
Negotiating is all about give and take. According to the Merriam-Webster dictionary, negotiate means to agree on something by discussing it. The key word here is agree. The best deal is one where all parties walk away with something that they wanted.
Be able to walk away
The last and most important tip is to be able to walk away. There is a saying that states, The one who cares the least has the power. The person who has the most to lose, whether financially or even emotionally will usually be the one who bends or compromises the most. If a deal is not going in your favor or best interest. Walk away.
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Posted in Real Estate Post Date 03/26/2016