A house is the most prized possession of nearly all American families. Most of them have to make mortgage payments for years in a row and spend even more money on remodeling work to turn a property into a real home. In this context, it becomes obvious that you should do the math before deciding to buy a certain property. You must also perfect your negotiation skills to be able to lower the asking price and get the keys to a gorgeous Californian real estate gem without leaving room for regrets. Assuming that you don’t want to involve a realtor in your house hunt, how do you plan to start your first round of negotiations? Here are 3 tips that would allow you to stay in the safe zone at all times, reduce the seller’s price and close the deal of the century fast and hassle-free.
1. Know the Local Market. First of all, do your homework. Put your finger on the map and determine the cities/ZIP codes where you’d like to start fresh. Narrow down your search by using real estate directories and checking out online listings. This is a great starting point enabling you to estimate prices and get familiar with the particularities of the local real estate market. Once you know how much money a home is actually worth based on its location, you will be able to make a decent offer. Keep in mind that over negotiating may be a counterproductive practice that could force you to leave empty handed.
2. Keep Your Emotions Under Control. Buying a home is a very important business transaction that shouldn’t be influenced by your feelings associated with a certain building, area or neighborhood. A little enthusiasm never hurt anyone, but do remember that you should never unleash your most powerful emotions in front of the current homeowner or let your impulses cloud your judgment and rush you into making an offer.
3. Offer Tempting Perks. Money is not everything. Don’t get us wrong: all sellers want to obtain the best price for their most valuable possession. Nonetheless, even the greediest ones could be persuaded into lowering their asking price, especially if they are properly motivated to do so. A quicker inspection and cash payments are two of the main alternatives that usually convince owners to cut down the price tag of their homes.
On the other side of the coin, you may realize that the asking price for your property of choice is more than fair. Nonetheless your financial limitations may stop you from meeting the seller’s monetaryexpectations. What should you do in this case? You could ask the other party to take care of the closing costs or agree to throw in some of the biggest, most expensive appliances to sweeten the deal. Last-minute negotiations can make or break the entire transaction, so make sure you’re not mentally counting dollars on thin ice. All in all, good communication skills and in-depth research will most likely guide your negotiation process in the right direction and allow you to buy a home in California for less than expected.