6 Negotiating Tips When Buying Waterfront Condos in Key Biscayne

By
Real Estate Agent with Miami Riviera, llc - Real Estate & Inmobiliaria

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.

 

These great tips will help you get the best price when buying waterfront condos in Key Colony Key Biscayne.

 

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.

 

Here's how you can make a great offer and get the best price at the same time when buying Key Biscayne waterfront condos.

 

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 agentHave 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!

 

Comments (4)

yanni raz
hml investments - Los Angeles, CA

Thanks for posting these helpful tips Alicia.

Negotiating is an Art that requires finesse only a handful of extraordinary Agents truly possess. Your Agents are lucky to have you as their Listing Agent in this competative market.

Jun 16, 2015 03:45 AM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hi Alicia, thanks for sharing these well written tips on negotiationg. I'm sure buyers will find this post informative and useful. Keep it up!

Jun 18, 2015 12:20 AM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

"Work with your agent." This is very true especially when it comes to negotiating when buying a waterfront condo in Key Biscayne. Good job on this post, Alicia!

Aug 13, 2015 10:14 PM
Rhonda Fee - REALTOR®
Luxury Property Agent, Home Sales, Relocation - Pleasanton, CA
@ Aspire Realty Services

These are really great points, Alicia! Compromise is always the key for a win-win situation for both buyers and sellers when it comes to purchasing waterfront condos for sale. 

Aug 19, 2015 01:23 AM