Making An Offer:
Negotiating Your Buying Price
There is perhaps no more
exciting and nerve-wracking time in the home buying process than when you
decide to make an offer on a home. If it
is accepted, you will be on your way to owning a new home-if not, you will be
forced to make some difficult decisions.
Your REALTOR® will help
you get through the process of making an offer on a home. He or she can give you advice on how much to
offer and what concessions you will make.
But there are a few decisions you will have to make yourself, and be
prepared to stick to them.
How High Will You Go?
If your initial offer on
the home of your dreams is rejected, the seller will usually come back with a
counter offer. In most cases they will
ask for a higher purchase price and may refuse some of the items you requested
in your initial offer, such as repairs to be done to the home prior to the
sale. This is a normal part of
negotiations, but especially for first time buyers it can feel like a very
frustrating process.
When the counter offer
comes back, you will have to decide if the purchase price is one you can live
with. Is it within your budget? Is it a fair market price for the home? Your Premier Beach Realty Agent can give you the answer to this
second question, but the first is up to you to decide.
What Is Non-Negotiable?
What parts of your offer
are you unwilling to back down on? If
the house really needs a new roof and you don't want the expense and hassle of
taking care of it yourself, then don't back down. It might be worth paying a little more in the
purchase price with the agreement that the seller will have the roof replaced
than to pay less for the house and have to do it yourself.
Decide in advance which
items are completely non-negotiable, and stick to your guns. If the seller won't budge, be prepared to
walk away. As hard as it might be to say
goodbye to that home you want, you have to be realistic about what you can
afford and what work needs doing on the home.
It is very easy to get caught up in the excitement of negotiating and
the desire to own that particular home, but try not to let emotions rule your
decisions. After all, once you sign
those papers and the deal is final, you won't be able to change your mind.
