How To Lower Your Real Estate Costs When Buying in Northwest Valley
We all want to stretch our real estate money as far as we can. There are many ways to approach getting the most value for your purchasing dollars. The simplest of these, of course is to simply get the best purchase price especially when we’re talking something as big as a house. Keeping these ideas in mind, here’s how to lower your real estate costs when buying in the Northwest Valley.
Negotiate a Better Price
One way to lower your real estate costs when buying in the Northwest Valley is to negotiate a better or lower price. Start with a motivated seller, this works in the buyer’s favor. Here are some strategies:
- Start with a realistic offer. You don’t want to offend the seller by making an outrageously low offer or offering more than you’re actually willing to pay. It’s best to make an offer closer to the bottom of a realistic price range. .
- Be willing to walk away. Don’t fall in love with the first property you like, if you aren’t able to get it for a reasonable price, be ready to move on and find another property.
- Show some enthusiasm, just not too much. On way you can lower your real estate costs when buying in the Northwest Valley is by showing some enthusiasm. The seller will know you’re interested and may be more interested in working with you. Remember, they want a good outcome too.
- Have an expiration date. When you make your offer, be sure it includes an expiration date. Shorter periods, say 24 hours will force the seller to make a decision and it can help you avoid competing in a multiple offer situation.
- Creativity is your best friend. If the seller isn’t budging on price, seek to get the same or similar results with concessions. One example would be to ask for appliances to be left or for certain repairs to be made. Often times you can get your desired result with a little creativity.
Lower Closing Costs
Another way to lower your real estate costs when buying in the Northwest Valley involves lowering the closing costs. Here are some of those strategies:
- Shop around. Closing costs can add up to a large amount of money so make sure to shop around for a lender that offers the lowest closing costs. Already have a lender, ask them to match lower costs offered by others.
- Careful inspection of the loan estimate. Make you sure go through and examine the loan estimate in detail. You want to look for and make sure it hasn’t been filled with unnecessary fees. These are usually associated with processing and underwriting. If you aren’t sure what a fee is for, ask!
- Negotiating with your lender. You can ask for some or most of the obscure fees to be removed. Ask to see the Closing Disclosure form as soon as it becomes available. This is the form that itemizes all your closing costs. Once you receive this, compare it to the loan estimate and if anything doesn’t match, dispute them and make sure you get clarification.
- Seller concessions. If you are unable to lower the closing costs, you can ask the seller for some help here to offset some of the cost.
- Delayed closing. One way to minimize the pre-paid daily insurance fees is by delaying the closing until the end of the month.
You can actually lower your real estate costs when buying in the Northwest Valley if you’re able to negotiate a better price and work to get the closing costs down.
Do you want to learn more about how to lower your real estate costs when buying a home in Northwest Valley? We can help! Send us a message or give us a call today! (602) 806-8834
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