The chances are that haggling prices have never been your strength. You want the best deal when negotiating the price of your dream home, but you hate the bargaining process!
We have been there, and understandably, price negotiations can be mind-nerving. Considering the mind games and hectic back and forth of the process.
But what if there was an assured and convenient bargaining process for you? Is it even possible to negotiate a bargaining price for your dream house?
Yes, it is! Here are the 5 strategies you should do:
We understand that you want to get right into bargaining, but that's not what you need now. For now, let an expert help you navigate the waters of negotiating house prices.
Indeed, you can get home prices from sellers or even on real estate sites. But, remember that "real estate" is not your niche. Besides, it will take time to narrow down those home prices from other sellers, before you can have a sample price to bargain with the actual home seller. Isn't it better to let the experts lead you?
Take an expert like Voeuk Conveyancing, for example. Voeuk Conveyancing understands interest rates and property taxes. More importantly, Voeuk makes a critical analysis of the price without fear of losing the home to another buyer.
The first assignment of your aid is a market survey. Here, the hired conveyance company will research the home you desire. The expert will also explore the environment to understand the average rates around the neighborhood.
During the survey, you will understand just how much interest your desired home controls. How many buyers want the house? Do you drive the proceedings? or the seller does?
If there's less interest in the home, you can beat the price down even below the seller's asking price. Even better, you will get repairs.
The best part: if the said home has long been without a buyer, the selling price will depreciate even further. But you won't know all that without research. So, engage your experts in a market survey.
Another reason for a market survey is to understand the quote. Just how much do you need? What excesses should you prepare in your estimate?
Once you get the answers from your expert, sort out your finances. Else, how can you prove to the seller that you're even serious about the purchase?
But what if you don't have the money?
In that case, you should be able to prove your accessibility to a mortgage. Even better, ensure you have a pre-approved letter that indicates your access to funding and the limit.
With such documents, the seller understands you're game or you can wave goodbye to your dream home.
Pro tip: a pre-approved letter is different from pre-qualification. The latter doesn't hold water in real estate.
Even with the money or pre-approval letter, don't rush in to pay for the home just yet. Do a bit more research. But this time, make the study personal.
Here are a few questions to help you identify the reason why the homeowner is selling his
- Why does the seller wants to sell his house?
- Is the seller moving to a new city?
- Is he suffering an illness and needs an emergency fund?
- Does he wants to sell for the sake of it?
The more answers you get about the seller, the better price you will get. For example, someone moving to a new city or suffering illness can't wait long. In most cases, they would cave if you offer a favorable price.
On the other hand, the seller selling for the sake of it is not in haste, he would never budge unless you meet his requirements.
Pro tip: another factor that might move a seller to reduce his price is if you get personal. Once you assure him how you'll care for the property, the discounts often come.
The final step to beat the price of your dream home even further is to conduct an inspection. For this phase, the seller schedules a meeting where you will have the property’s walkthrough and get firsthand clues as to what might be faulty.
Note: ask for an inspector rather than the seller showing you around himself.
After the inspection, you will get a report that states the proceedings. If there was any repair, you could request the seller to fix it. Else, that will be another reason to beat down the price of the house.
Under the worst case, the inspection can even reveal a fault you can't manage. In that case, it's best to look for another home.
Pro tip: inspection is different from an appraisal. The latter only provides a rough estimate, while the inspection provides a more robust overview. Nevertheless, ask for both details before purchase.
Overall, learn to walk away if the terms are not favorable to you. More importantly, communicate to the seller only through your agent. Don't have an agent?
Contact us at Voeuk Conveyancing, and we will help you get the right deal!