Tips to make sure your negotiation don’t go wrong while buying property
- by HOME ONLINE
- on 08/09/2017
- at 12:17 PM
We discuss the tips that can help you in negotiating the right price:
1. Quote the right price:
When you are negotiating the price make sure that the price you have quoted is not too low. It should be somewhere that can suit both you and the seller. The price should not be lower from the market value. If it is too low then the seller can withdraw from selling you the property.
2. Ask for add-ons:
If for some reason the seller is not ready to negotiate the price, you can negotiate the add-ons. You can ask the seller to provide the property with furniture of appliances or get the necessary fixtures done in the property. Sometimes asking for the furniture can alienate the seller like if he was already planning to sell the old furniture online. Make sure to talk thoroughly about it.
3. Do the home inspection:
When you do the home inspection with a property expert or advisor, he can help you in pointing out the discrepancies in the property. From pipeline leaks to chipped paint on the walls, everything comes to light. You can ask the seller a price cut owing to the discrepancies.
4. Stick to your price:
When you are negotiating the price of the property, the seller might just come with a new price every day, make sure that you stick to the price you have quoted. If you keep going back and forth on the price then the seller might think that you are confused about the property and he might move on to another buyer.
5. Don’t get too defensive:
If you give the seller the deadline to come back to you with the right price, then you are putting off the seller. A seller also wants to make profits from the property. Give him some time to find the right price for the property that suits your pocket and his profits. The seller has to make sure he has made an effective deal.
6. Make sure you don’t have previous loans:
If you already have previous loans like car loans, personal loans etc, then the bank might hesitate to give you a home loan. make sure your credit history is well updated and proper and there is no lag or delay in the loan repayment. Also, make sure that the tenure of other loans is small.
7. Be ready:
Several contingencies can emerge while the negotiation or the paperwork is in the process and either of the parties can back out from the deal. Both the parties have the right to back out if the deal isn’t going the way they wanted. If in case the seller backs off have a solid backup plan. To avoid any contingency, make sure you have gone through the property papers and the title on it.