It's almost March and a GREAT time to start home shopping. New homes are coming onto the market everyday and less people tend to look until Spring. A smart home buyer would be looking now!
Of course you want to get the best price on your home purchase, but what steps can you take towards negotiating just that? For starters, you want to know when to negotiate and when to cease; Too much negotiating can run seller's off, creating a huge issue when trying to buy your perfect home. I have compiled a list of items to keep in mind when buying a home.
1. Find a Real Estate Agent.
It's a give-in that buying a home will more than likely be the largest purchase you will ever make. Therefore, it is critical that you have a trusted individual negotiating on your behalf. Trying to accomplish buying a home at the best possible price on your own is very risky, and it can cause more problems and money loss than you could ever imagine. Real Estate Professionals know the ropes, as they have swung on them time and time again. It really just comes down to you being willing to trust someone with the expertise in an area you may not be too knowledgeable of.
2. Get Pre-Approved.
Knowing how much you are qualified to borrow can help you narrow down your search to what you can afford. Some seller's do not allow buyer's to set up viewings unless they are already pre-approved. While most seller's do allow you to view the home, offers are a lot less compelling if they do not include a pre-approval letter. It is best to be prepared so that you can make your first offer your best offer.
3. Be Prepared to Move Fast.
This one goes along with getting pre-approved. The more prepared you are, the more likely you are to purchase the home you want for the price you desire. If you find a home you want, MOVE! Put an offer down immediately. The longer you hesitate, the higher the chances of someone else putting in an offer the seller's cannot refuse.
4. Request Repairs Carefully.
Sending that three page repair report to the seller of the home you would like to purchase may not be the best idea you've ever had. Some seller's just flat out do not have the money to put into it. Keep in mind that no home will be perfect, and you will more than likely need to put in some work on your end.
Nitpicking every small detail can send the seller running in the other direction. Consider a repair report with only the mandatory repairs to receive the loan you are trying to obtain, then asking for a credit at closing or an overall lower selling price.
5. Ask the Seller to Pay Closing Costs.
It never hurts to ask, especially when an average of over $3,500 is at stake. Plus, it could be considered a trivial expense that the seller will likely sign off on to seal the deal. Give it a shot!
If you are interested in gaining more knowledge concerning the Greater Greenville SC area market, we are only a call away. Whether you are a home buyer, investor, or are interested in placing your current property on the market, our team can not only inform you, but also make your transaction a profitable one. Feel free to contact our team at 864-438-5050 or visit us at www.GreenvilleRealEstateHub.com
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