6 Negotiating Tips When Buying Waterfront Condos in Key Biscayne
Finding the perfect one among the gorgeous waterfront condos in Key Colony Key Biscayne is just the first step. The next step is to decide on how to make an offer and bid for it. Since home buying is probably one of the most expensive transactions you will make, it is important to do it right and get the best deal possible.
So how do you make an offer and negotiate to get the best price? Here are 6 tips guaranteed to improve your bargaining position and clinch the deal:
1. Have your finances in order. Carefully plan your finances and budget to determine how much you can afford. If you’re obtaining financing via a mortgage, make sure to obtain a pre-approval first. Securing a pre-approval means a lender has actually checked your credit and verified your documentation to approve a specific loan amount. With your finances in order, you can set your limit and be prepared to walk away if the negotiations go overboard.
2. Research the market. Know as much as you can about the current market conditions as this information will be very valuable when you come up with the offer and later on during the negotiations. Do a research on the price comparison among previously sold Key Biscayne waterfront condos, how much they have sold and how long they have stayed on the market. If the homes are moving slowly, and are going below the asking price, then you are in a stronger position to put in a reasonably lower offer.
You can visit www.MiamiRivieraHomes.com to know more about comparables and homes for sale in the Key Colony Key Biscayne area.
3. Make your offer based on the home’s fair market value. Remember, it is the market that determines what a particular property is worth at a certain time, based on the current supply and demand. So, it is only logical to use that as the basis for your offer, regardless of the seller’s listing price.
Present an offer that is fair, competitive and in line with your negotiation strategy. Don’t make the mistake of offering too low as you might risk losing out to another offer or insulting the seller.
4. Ask for concessions only after the inspection. If the results of the home inspection showed some issues that needed repairs, use it as a leverage to negotiate a lower price, or other concessions.
5. Be willing to compromise. The key to a successful negotiation is compromise. Don’t let small issues like window treatments or carpeting stop you from getting your dream Key Colony Key Biscayne beachfront condo. Let the little things go. Bear in mind that in order to achieve a win-win situation, you need to take a little and give a little, too.
6. Work with your agent. Have faith in his or her ability to carry out negotiations on your behalf and protect your best interest.
Negotiation isn’t all about the price and getting what you want. Being able to compromise and give a reasonable offer makes you more attractive to a seller. At the end of the day, it’s important to find the perfect balance that will lead to a mutually satisfying agreement between you and the seller.
If you or someone you know needs help in finding the perfect Key Colony Key Biscayne oceanfront condo call me, Alicia Ale at 305-586-4160. I will help you find the one that suits you best!