Negotiating Contract Price As A First Time Buyer of Minnetonka Homes

When you’ve taken plenty of time doing all of the research about your would-be house and are also happy to be working with the real estate agent, then it is already the right time to name your price. However, the home buying offer isn’t really the end of the sales process; you can still be discussing prices after making the offer if perhaps the owner declines to accept your initial offer, hence you are going to want to have a strategy to be able to get the price you hoped for – or anything within that range – before you extend your preliminary offer.

Having knowledge of most of the terms of the sales contract and also working on a backup plan are just a few ways to be sure you get the best price for your dream home. The ‘Consumer’s Guide to Home Buying’ by the Barron’s series really encourages any potential homeowners to create a checklist of things they can practice way before the sales negotiation process occurs. The following are just a few things to consider as you start discussing the price of your new home:

1.Who will be making the decisions in this sale?Who will be making the decisions in this sale, for all parties involved? Knowing the players benefits the skilled negotiator because this gives you an idea as to who makes the majority of the influence in the buying and selling process. A basic question you should know the answer to is, for example,, is the seller working independently or is he/she working with an agent? Knowing who you are negotiating with helps you determine the best approach for discussions and give you a chance to gauge how much you can trust the selling party.

2. What’s your contingency plan? If in the end, the seller still refuses your offer, do you have other options? It can be disheartening to not be able to get what you want from a negotiation, but you have to be able to say when to stop pushing for what you want and perhaps go after something else. Identify precisely how high you might be willing to bid for the property and don’t move beyond your price only to win the price war.

3. Are you aware of the details of the sales agreement? It really is important to fully appreciate every term and condition of the contract so you are not confronted with any surprises at closing. Make sure you review the contract and all the terms that go with it and make a note of any questions you have. Set up a meeting with the seller or agent so that you can review anything that you don’t think you completely understand so you don’t have any reservations on signing the contract in the event that your offer is accepted.

4. Are you comfortable with the seller? Your buyer’s agent should be able to provide guidance and also decent real estate advice regarding the entire process of negotiation for your home purchase, but you need to feel like you can trust them. Spend sufficient time with them in order to create a mutually respectful relationship with each other and discuss your reservations and thoughts about the home well before the negotiating process starts so that you are able to make the most informed decision.

5. Are you ready to deal with any problems that may arise? Poor communication skills from the seller’s agent, hostility from the seller and other negative communications which can occur at any time during the sales process can make it tough to negotiate fairly. Keep your cool and don’t hesitate to stop the deal if you don’t think it is the right one for you.

Author: Alexandria P. Anderson specializes helping people to find and purchase Minnetonka Homes for Sale, as well as Minnetonka Real Estate for her home-buying clients.

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