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How To Get The Best Deal When Buying Real Estate

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Most people when buying real estate work through a real estate agent cialis dosierung. This can be very helpful, especially to those new to buying and selling property. The problem with this is the fact that real estate agents do get a portion of the sale, making prices higher, and the agents may be more concerned with buying and selling property quickly; this leads to higher cost to the buyer. Therefore, it’s best to skip the middle man and speak directly to the seller when possible. Unfortunately, this is nearly impossible in situations like foreclosures and short sale properties.

If the seller is reluctant to sell without the use of a third party, inform them of the lower fees involved: no commission fees, no closing costs of 3%, and it’s likely the buyer will accept the property as-is, thus reducing the amount of repairs to be done.

When speaking to the seller is possible, the first step is to simply speak. Building rapport is good business sense no matter what you are doing. Make sure to appear, act, and sound professional and don’t sound as if you desperately want to buy the property—simple business sense would allow them to ask for more if they think you want only their property. It’s perfectly fine and accepted to let them know you’re looking at other property. Get the seller’s information and as much information about the property as possible (age, condition, new additions, updated rooms). Not only does this help gauge the worth of the property but it shows the seller you can’t be fooled.

Discussion about the time frame to close the sale is always important. If someone is looking to sell quickly, buyers are more likely to get the property for a good price. Those willing to wait for close a deal are looking for the highest price possible before selling. Motivation is key. This is why foreclosure and short sale properties go for low prices—time is of the essence. If the seller has an idea as to when the property needs to be sold, discuss the lowest price they will accept to get everything squared away by that date, when time is of the essence a seller is more likely to lower their price the closer to the deadline.

Sellers are likely to ask for you to make an offer. You can make an offer but it is not advised to make the first offer. The problem with initiating the negotiation of price is you may make an offer higher than the lowest they will take. If you over to pay $100,000 and they were only going to ask $80,000, you end up paying 20% more than you needed to. This is money which could have been spent to make improvements on the property or simply just more money in your pocket. On the other hand, offering a price much lower than the actual or perceived worth of the property can be insulting and cease all negotiation. It’s likely the seller knows the worth of the property (and if not, discuss getting it appraised). While the actual value of the property is important, the likelihood of the seller getting the exact worth out of the property is rare, so don’t be afraid to offer lower than the technical worth (which may include the potential for the property). Once the seller asks for a price, negotiation can begin with a price point everyone can agree on without anyone being taken advantage of.

It’s important to understand why someone is selling a property. Ask questions when you can. If the person is selling the property because they are behind on payments, they stopped wishing to rent it out, or they inherited it and have no use for it you can usually get a fair and low price. If there is sentimental attachment where they are reluctant to sell, the price will skyrocket because they may be looking for excuses not to sell; what better excuse than no one wanting to pay the “right” price for it?

 

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