Tips for landing a real estate deal – from finding a house to negotiating Closing
When you’re looking to buy a new home, real estate can feel like a scary proposition. It’s often uncertain as to whether you’ll be able to close on your deal or if the seller will be willing to cut their asking price in half. Landing a real estate deal is no easy feat. You have to have the right attitude, know what you’re getting into and have the confidence to not let the stress of buying a property get to you during negotiations. Here are some tips from working professionals for getting your real estate deal off to a successful start:
Find a house you like.
It’s easy to get side tracked during the home search process by simply looking for a house you like. But the fact is, you’ll never know if you never try. You need to make a point of speaking with several different agents and even going house-hunting on your own. Ask them what their favorite homes are and what they think you should look into.
Don’t be afraid to meet with agents and sellers.
Asking every single agent you meet for their recommendations on who to speak with on your behalf is a great way to get a feel for the market. You never know who you’ll run into at a party, on the street or at a nearby restaurant. If you don’t know the name of the agent you’re interested in, try to think of them as a friend. Let them take you around and point out houses that look interesting. Ask questions and let the agent know if they can help in any way. You want to make sure they know you’re a buyer’s market right now and that homes are getting harder to come by.
Let the process lead to a compromise.
Real estate can be incredibly stressful and trying. Staying calm, staying organized and following through on some of the steps above will help you avoid getting emotional and losing focus on the important stuff. Take a deep breath and remind yourself that this is all just a process. A process that can lead to a great deal of stress for both you and the seller if you don’t handle it with the right mindset. As the seller you need to keep a balanced approach. You don’t want to lower your asking price just yet, but you also don’t want to go too high, either. A good rule of thumb is to ask yourself “What would my parents pay for this house?” and if they could, then you can set your asking price accordingly.
Don’t be afraid to ask for what you want.
Did you know that when sellers are faced with a ridiculous asking price they can actually be afraid to lower it? They may even be Afraid to let go of the pricedificient that got them into the house in the first place. But you can actually turn that fear into confidence by asking the seller to lower their price. Take a look around the house you’re interested in and see if there is anything you can do to get the seller to budge on their price. If not, ask them to call you and set up a time to discuss the price. Be sure to let them know how much you’re willing to pay and what you want in return.
Make sure the agent has your best interest at heart.
You need to go into every real estate deal with the mindset of buying for yourself. But some people find themselves buying real estate when they’re actually looking for a friend or family member. In these cases you don’t want to do any damage by showing up unannounced. Be sure to call the seller and let them know you’re coming over around 8-9pm and to let them know if you have any plans for the evening. You don’t want to accidentally miss the opportunity to buy a house because you were too busy showing off your own house. Likewise, you don’t want to accidentally buy a property that’s not in your target price range. Your real estate agent should have your best interest at heart and be willing to do whatever it takes to help you close on a deal.
Get an appraisal – and use it!
Real estate appraisals are actually EASIEST WAYS to acquire a home value. You can usually get an appraisal online or by contacting your local appraisal district. You’ll need to make sure to include any accessories, vehicles and other assets your potential housemate might have. Make sure you know your rights as a homebuyer and get goingively it if your real estate agent doesn’t provide you with all the information you need. Some states require a home appraisal before a house can be sold, while others only require it if the home is being sold as a single-family home. If you need to get an appraisal, make sure to use an appraiser who is trained in documenting home value. There are certificate of analysis services and others.
Look for offers that get you close to the asking price.
Offers that get you close to the asking price are the most important kind of offer you can make. It’s important to remember that the seller is trying to make a profit and may be willing to sell at a lower price than what they’re really worth. When you’re looking for a house, don’t be afraid to get creative. If the seller has a significant other or family member who lives elsewhere you can offer to buy that house next. Or offer to pay for a family member to look through their closet and garage and report back on what’s worth keeping and what’s not. Keep in mind that the seller may just be trying to avoid selling at a loss. In that case, they may be willing to sell at a lower price than they’re actually worth.
Conclusion
The process of buying a house can be stressful, especially when you’re first time homebuyers. There are a lot of unknowns that go along with the deal, and that can make it hard to relax and enjoy the process. But with a little bit of luck, you’ll be able to buy that dream home and start a family soon.
