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The Art of Negotiation - Part 1: The Buyer Side
The Art of Negotiation - Part 1: The Buyer Side
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Hi Friend,
Are you planning to buy a house within the next year? It’s helpful to walk buyers through “What to Expect” in their journey to closing. Even seasoned home buyers need to learn how current market conditions can affect their buying experience.
The Offer - How it works:
You got pre-approved and did the hard work to be in your best financial position. We’ve looked hard at many houses to find the one you love, and now it’s time to write the offer.
When I write an offer, I like to discuss various financial scenarios with the buyer’s mortgage company. It’s important to find out the amount of closing costs the lender will charge, so I know how to negotiate the contract in the best interest of my buyer. Does my buyer need the seller to cover closing costs, or a portion of them in order to make an offer? Knowing the financial situation of a buyer is critical to writing an offer that will work out smoothly for a successful closing.
When to get personal and move fast:
When there are multiple offers on the table in our seller’s market, it can be a nice touch to include a personal letter and family photo along with your offer. This personalizes the decision for the seller and may help your offer get selected! In a hot market, you need to think about the possible competition for the same house.
Once you find THE house of your dreams, you need to move QUICKLY! It’s no surprise to find me writing offers at 9 or 10 pm at night in order to help my buyers get the house they really want.
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Once your offer is accepted, then the work begins!
Inspections need to be scheduled, paperwork submitted to the lender, appraisal ordered by the lender and negotiations come into play again once the inspection is completed.
If the inspection reveals repair work needed, you have the option to walk away from the sale and continue your search, provide the seller with a list of items to be addressed or accept the property “as is.”  
The Art of Negotiation:
In some cases, there may be times it’s reasonable to submit an estimate and request the seller pay for repairs to your chosen contractor after closing. This ensures the work is done to your satisfaction.
You could also ask for certain items outside of closing, with a separate bill of sale, such as: patio furniture, bar stools, riding lawnmower, refrigerator, washer/dryer, etc.
The contract price is rarely negotiated after the contract is binding, as the lenders have already ordered the appraisal. There are many factors to consider when deciding about negotiation tactics, and when to “let it go” in a hot seller’s market.
“When you go to buy a house, you’re certainly hoping to get the best price and terms. To do that, you need to know when to start negotiating and when to stop. That begins with being familiar with the market, down to the neighborhood and maybe even the street.” ~ Money.USnews.com - 12 Negotiating Tips Every Homebuyer Should Know
The ONE thing I’ve learned…
In nearly 12 years of working hard in the real estate business, I’ve learned no two transactions are alike. Every buyer is different, so I do my best to accommodate your needs and ensure you have a home you’ll love! I stay on top of the paperwork until closing is complete and work in each buyer’s best interest!
Stay tuned next week for “The Seller’s Journey” - The Art of Negotiation, Part 2
Are you looking for advice about selling a home? There’s so much more to it than most people realize. I love helping people navigate their way through one of the biggest financial transactions of their lives. In my next newsletter, I’ll cover the finer details about home selling negotiations. Meanwhile, if you need advice before then…
Call, text or email me with your questions!
Best regards,
Maureen
901.674.0954
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