This blog continues the series on the topic of first time home buyers.
If you have gone through the entire process that we laid out for you then you should be prepared to purchase your first home. The home search may take a little time so don't rush it if you don't have to (use our one-of-a-kind real estate search on our website, it's the best in town). Our most recent blog examined the importance of neighborhoods. Once you have found the right home, it's time to submit your offer.
This blog takes a closer look at submitting an offer.
1. Know the Seller
It goes without saying that you want to purchase the house for as little as possible, and the seller wants to sell the house for as much as possible. Somewhere in between is the settlement range. Try to find out what the seller wants besides a high price? A quick closing, or a delayed one? Does the home need some work like new carpet, new siding or windows? Does the seller want to get this work done, or would she rather not deal with the hassle? The more info you can gather, the better position you are in to negotiate a win/win situation.
2. Determine Best & Worst Case Scenarios
Once you've done this, decide how much risk is involved. How bad do you want this house? Are you willing to loose the deal to try to get your best case scenario? Only you can answer that question.
3. Be Professional
The best negotiators remain emotionally neutral throughout the negotiation process. By doing so, it is much easier to remain professional. If you are insulted or upset during the negotiation process, you'll likely make decisions based upon your elevated emotions, rather than logic. Rarely will emotional decisions be correct. Try your best to remain unemotional. This is particularly difficult for a first time home buyer, as buying your first home is a very, very emotional event. However, the more professional you are, the more likely you are to succeed in your negotiations.
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