Negotiate Like A Pro – Tips to Consider

You’ve finally done it. You’ve found your dream Coppell home and you want to put in an offer. So what’s the best way to negotiate?

Do your homework

The first order of business is to determine who is in the stronger position – the buyer (you) or the seller?

For example, the seller may have the stronger position if the local real estate market is strong and homes in the area are selling quickly. They may also be in the stronger position if they aren’t in a rush to move (i.e., they can wait it out a better offer) or if similar houses in the neighborhood have sold for above or near their asking prices.

You, the buyer, however, may be in the stronger position if the local real estate market is weak, or if comparable homes in the neighborhood are being sold for below their asking price. It is also important to find out how long the home has been sitting on the market. In other words, a house that has been on the market for an extended time will likely have homeowners who are anxious to sell.

Finally, you will always be in a stronger position – especially in a multiple offer scenario – if you are pre-qualified for a mortgage.

Make an Educated Offer

You, along with your real estate agent, will need to find out what comparable homes in the area are selling for, if there are any repairs that need to be addressed and what appliances and fixtures you want to be included with the home. You will also likely ask that the offer is contingent upon the house passing the home inspection.

All of this information will allow you to be better prepared when making your initial offer. After the initial offer has been submitted to the seller, he or she will either counteroffer, accept your offer or decline your offer.

Be prepared to go back and forth numerous times during the negotiation process. Happy negotiating!