Before And After Negotiating
Before beginning negotiations you need to know the local market. Know the selling price for every comparable home in the area over the preceding year, and ask your Realtor to prepare a list for you. Don’t tell the seller more than you have to! Why you’re looking and when you need to move in by can be big negotiating advantages to the seller. This information can be easily given away to the seller by casual friendly conversation.
Find out why the home is for sale. How long has it been on the market? How long has the current owner owned the home? How much did they pay for the home? Have they made any improvements? How much does the current owner owe on their mortgage? Who built the home and what is their reputation?
Make note of any flaws the home may have and have your Realtor insure that they will be remedied. Once the purchase process begins appraisers will visit the home and may point out anything that you may have missed which the seller must remedy prior to the actual sale.