How To Negotiate The Best Price For A Northwest Valley House
You’ve done the hard work and now you’ve found the one! That perfect Northwest Valley house that meets all your search criteria: location, features and price. Now comes the last hurdle, what do you offer for it? You want your offer to be fair while not offering any more than necessary. But your offer still has to beat out those of other potential buyers. As much as you may want this house you can’t let your emotions overcome logic. Buying or selling a home is an emotional experience. This is why you need an experienced agent to help you navigate the negotiation process. It will ensure the best possible outcome for you. The real estate market is still very hot in most areas and sellers aren’t willing to negotiate much. To help you out, here’s how to negotiate the best price for a Northwest Valley house.
Determine Seller’s Motivation
Most experts advise that you first try to determine how motivated the seller is. Sometimes, sellers will put their house on the market to see what kind of offers they might get. These are not motivated sellers. Most sellers you will find truly do want to sell their homes. Finding out the reason can be the difference in your offer getting accepted or not. Sellers who are getting a divorce may have different needs than the family that is getting relocated and may need to move quickly. One way to negotiate the best price for a Northwest Valley house is to have your agent find out about the seller’s motivation for selling. Motivated sellers are often willing to negotiate, especially if you can craft your offer to ease their pain points.
Make a Realistic Offer
Obviously, you want to pay the least amount possible. Your offer still needs to be realistic if you want to negotiate the best price. A low offer is a good way to annoy the seller and may stop negotiations before they even get started. Certain circumstances such as foreclosures or overpriced homes sitting on the market for long periods of time may warrant a low offer. A good agent will evaluate what is going on in the neighborhood and compare the house to others that have recently sold to determine market value and then guide you in making a good, realistic offer. Keep in mind that terms can be just as important as price. When you combine good terms with a fair price, you are on your way to negotiate the best price for a Northwest Valley house. Give us a call at (602) 806-8834 to find out more about this.
Showing how much you really like or maybe even love a home is a good way to help your case. The real estate market is moving quickly in most areas. Real estate professionals no longer advise buyers to remain coy about whether they like the house. It’s not uncommon for sellers to receive a personal letter along with the offer. Letting the seller know a little bit about you and your source of financing may help them choose you from multiple offers. If they view you as a solid buyer and you seem more serious than your competition, a seller may just decide to go with your offer, even if it’s a little lower. You never know what’s important to sellers. Letting the seller know you can’t wait to have backyard birthday parties for your kids may be the difference.
Be Prepared to Walk
The other side of that coin in negotiating the best price for a Northwest Valley house is to be ready to make it known that you will walk if necessary. This is often very hard for buyers and it helps to have an experienced agent to help you negotiate. Real estate inventory is low, very low in some cases. If you can’t negotiate an acceptable offer with price and terms, understand that you will find another house. Your offer should have an expiration date for a few reasons. You want to create a sense of urgency in the seller. You don’t want to be waiting around for days for the seller to accumulate more offers that you will have to compete with. If your offer is reasonable and the seller knows there is a limited amount of time to accept, your offer stands a good chance. Standard advice here is to make the offer good for a very short period, sometimes as little as 24 hours.
Most buyers believe that once you have a signed contract that the negotiating is over. Many times, the real negotiations begin after that point in the process. It’s not unusual for the hard negotiating to begin after the home inspection. Recommendations include asking the seller “for a cash-back credit at the close of escrow, which can help you complete the [repair] project yourself. You can also ask the seller for a credit to fix certain issues in the interest of offsetting closing costs.” Each home is unique and you should talk with your real estate agent about your concerns and best options here.
Use an Agent
Once you submit a signed purchase offer to the seller, the seller then has the right to accept, reject, or make a counteroffer. Most often, it will be a counteroffer, and then if you’re really interested in the house, you’ll need to come back with another offer– a negotiations process that calls for the expertise of an experienced agent. If, however, the seller accepts your purchase offer, it then becomes a legally binding contract – and there’s no way to back out without losing a significant amount of money. Your agent will be able to guide you and let you know what options you have for backing out and at what point.
So negotiate the best price for a Northwest Valley house, it’s usually best to work with an agent. To find out more, contact us today at (602) 806-8834.
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