When venturing into Myrtle Beach real estate, one of the difficult and tricky processes is the home purchase negotiation. This is where home buyers often feel buyer’s remorse thinking that they paid less or overpaid for the house they purchased. Home buyers may feel this right after negotiating or even after years of living in the house.
As a home buyer, it is important for you to learn how to effectively negotiate the purchase price of the house you are considering buying. This will help you buy the house at a price that will benefit both you and the seller. Plus, it will help prevent you from overpaying for the house.
To be sure you did great at the home purchase negotiation and to ensure that you buy the house at the price that you want, consider the following tips:
Home Purchase Negotiations
It’s okay to lose a house
When looking for a house to buy, buyers often get attached to the house because of its location, design or amenities. And when this happens, buyers find it difficult to let go of the house if the seller rejects their purchase proposal or if they did not agree on the negotiation purchase.
What buyers should always remember is that there are lots of houses for sale in the Myrtle Beach area. If you did not agree with the seller in the negotiation, it’s alright to walk away and move on to the next house on your list. Do not spend any more time negotiating if you think the seller has no plans to negotiate with you. Aside from losing time, you may also lose money because you are sure to end up agreeing with the seller’s price and overpaying for the house. All because you cannot let go of the house as you have become attached to it.
Do your research
Before deciding on a price to offer the seller, spend time with your buyer’s agent researching how similar homes have sold in recent months. For more accurate results, check on houses similar and near to the one you are considering buying that were sold in the past three to six months. You want the most recent data to help you determine the best price to offer to the seller. Chances are that the seller also did the same research to come up with a selling price to negotiate with potential buyers. As a result, it will not be difficult for both of you to come to an agreement.
Set your price range
After looking at the prices that nearby similar homes have sold for in the previous months, set a price range considering the asking price of the house you are considering buying. According to many Myrtle Beach real estate agents, this will effectively prevent you from overpaying for the house and will help you buy the house at a lower price.
Start the Myrtle Beach home purchase negotiation by making your first offer which is the lowest amount that you have set in your price range. If the seller is not too eager to sell the house, he will make a counteroffer that is closer to the asking price. On the other hand, if the seller is looking to sell the house quickly, chances are he will agree to your first or second offer and you end up buying the house at your price.
Set a date when your purchase offer will end
As you make your first offer, it will help your cause if you let the seller know how long your offer will last. This will prompt the seller to consider your offer right then and prevent him from considering offers and proposals from other potential buyers.
Real estate agents in Myrtle Beach highly recommend having the seller give you a response in 1 to 2 days. This will not only start the negotiations quickly and on the right track but will also help you get a better price on the house you are considering buying.
Include other purchase fees when negotiating with the seller
Remember that there are other fees that you will have to pay aside from the purchase price of the house. These include transfer taxes, appraisals, repairs, homeowners’ fees, etc. You can opt to include these when negotiating with the seller to further get a better price on the house.
Aside from splitting the cost with the seller, you can also have the seller pay for the fees that may cause to increase in the purchase price. Otherwise, you can offer to pay for all these fees and have the seller pay you back in cash at the closing.
To further ensure a successful negotiation process, work with a licensed and experienced Myrtle Beach real estate agent. Call Cheryl Woodward today.
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