The most crucial step in the home buying process is “negotiations”. If the seller agrees to your offer, then you can go ahead and think about what kind of paint needs to be done on the walls and whether you need a new couch for the lounge or not.
However, if the seller presents you with a counteroffer, it’s you turn to either present him with another counteroffer or negotiate on the terms. Negotiating on your own on a Sandy Springs home for sale can be very difficult. To ease you into the process, we have come up with 5 simple rules that will help you negotiate:
#1 – Act Now and Act Fast
The thing with counteroffers is that if you take time to respond, the seller thinks you are not interested, which leads him to court other offers. So, respond within 24 hours with whatever decision you have made before the vultures start descending.
#2 – Consider Stretching Your Budget
We know you are working under a budget but you might need to up the stakes if you want the Sandy Springs home for sale. So, how do you do that? You don’t need to go overboard with the price. Raise it by a few hundred dollars and then look for comps in your areas. Make these additions in the contract and then send the counteroffer.
#3 – Increase the Earnest Money Deposit
Ernest money is the amount you pay for the deposit to show the seller that you are a serious buyer. Typically, the standard amount is from 1% to 3%. So, why not raise it to 5%. You might need to dip into your savings account but if you are convinced this is your dream house then you should definitely take extra measures to make it yours.
#4 – Let Go of Contingencies
A great way to make the seller agreeable to your counter offer is to let go of some of the contingencies. You can negotiate on some of the repairs that you think will cost you less on your own. However, remember, once a contingency is waived and if later you find a problem, the seller will not be responsible for the repair. So, take precaution when making the counteroffer on the Sandy Springs home for sale.
#5 – Let Go of the Warranty
A home warranty is usually for major systems and appliances such as a heater, an air conditioner, etc. The warranty offers you peace of mind that if any system fails, it will be repaired or newly installed by the seller. Letting go of the warranty sweetens negotiations and puts the seller in an agreeable mood. Once the contract is signed, you can by the warranty yourself.
So, there you go… five simple rules of negotiations that will help you prepare a kickass counteroffer. Just remember, when negotiating, up the stakes on a low ball offer only when you believe you can handle the loan. Thinking about buying a house? Visit America’s Network Reality Group Inc. and enter your specifications to find your dream house in the neighborhood of your liking.