...

Tag Archives: firs time home buyers

How Can An Agent Help You Negotiate The Price Of A Home?

home buyer's agentThe seller of a house will probably expect you to negotiate its asking price when you purchase it. Most sellers will price their home slightly higher than the market value in order to make room for negotiation. Negotiating can be daunting but knowing what to expect can help make it easier.

Get in touch with an agent

Many home buyers feel that they don’t need an agent anymore because there are so many real estate listings online. An agent is more than just a person who shows you houses. Agents are also an asset in helping you negotiate the price of your home and deciding how much to sell it for.

Your local real estate agent is an expert in the housing market. They are experts in the local housing market. They can tell you how interest rates change, and which properties will grow in value. Real estate professionals are able to separate emotions from the home-buying process. Because they aren’t worried about losing their home, they can be advocates for you. Your real estate agent can also help you write the strongest offer letter, with all the necessary contingencies, to protect you.

Before you begin looking for homes, contact a Myrtle Beach Real Estate Agent.

Get your finances in order

A seller must be able and willing to lend you a mortgage. What happens if you don’t have proof of financing before you make an offer? It’s much more likely that you will be passed over to the next buyer.

Before you send an offer letter, make sure you have been pre-approved for a mortgage loan. Pre-Approval letters are a notice from the mortgage lender that confirms your eligibility for a mortgage and informs sellers that you have been approved for the property.

Pre-approval and pre-qualification letters are not the same thing. Before they send you a letter, your lender will examine your credit, income, and assets. This allows your lender to give you the most accurate estimate. To submit the strongest offer, make sure to include a pre-approval.

Know The Market

You have less room to negotiate if there is more interest in the property and whether you are in a buyer’s or seller’s market. You’ll be less able to negotiate if there are many buyers interested in the property and more offers. Cold real estate markets can make it more difficult to negotiate concessions and lower prices.

Your agent can also be a valuable asset in this area. An agent can help you assess the market and speak to the seller’s or seller’s agent. This will allow you to see how open the seller is to negotiations. If the property has been on the market for some time and the seller is willing to sell, you might be able to get a deal. If the seller has made multiple offers, you will need to make a higher offer immediately.

Tips for Negotiating a House Purchase

Make sure to get an inspection

The inspection results could be the key to negotiating a house’s final sale price. The inspector will inspect the house and look for foundation cracks and problems with heating, ventilation, and air-conditioning systems. You will receive a copy of the inspector’s report. If the inspection uncovers any issues that could be a deal breaker, you can ask the seller to make concessions. The seller may be willing to correct a problem, provide a credit towards closing costs, or lower the price. If the inspection uncovers major issues in the home, you can use the results of the inspection to cancel the sale.

An appraisal is not the same as an inspection. The appraiser will give you an estimate of the value of your home. The appraiser will not let you know if there are a few missing shingles or if the lights in your upstairs closet are out of order. A home inspector will give you a closer look at the house and the issues you will have to address if you decide to buy it.

Before you make a commitment to buying a home, be sure to obtain an appraisal as well as an inspection.

Communicate with your agent 

It’s possible that you already know there is a lot to learn about real estate terminology. Many of these terms are legally sensitive and often confused with each other. Many buyers don’t understand the differences between an inspection and an appraisal. If you ask a seller about appraisal results, but you were really asking about inspection results, you may not receive the information you need.

Ask your agent how to handle any communication between you and the seller. Your agent will know how to ask questions and make requests that aren’t detrimental to your interests.

What is the Real Price of a House?

The condition of the property and comparable sales will determine how much you can offer below the seller’s asking prices. If the house needs extensive repairs such as replacing the roof, or foundation problems, you might be able to offer 20% less than the asking price in a buyer’s marketplace. You can also offer a price reduction of between 5% and 19% depending on how much remodeling is required or if you have upgraded appliances.

Comparable homes in the same area that were sold at a similar price and how they compare to your home will be your greatest asset. Sometimes, comps can be enough to convince a seller not to ask for the original asking price.

The bottom line

It can be daunting to negotiate a home purchase price, especially for first-time purchasers. Before you begin looking for a home, make sure you have a pre-approval. Before you begin to look at properties, it is a good idea to hire an agent. 

Once you have found a home that you like, make sure you order an inspection. Ask your seller for a discount or to make repairs before you sell the property. If you are unable to reach an agreement with the seller, don’t be afraid of walking away.

If you’re looking for a home and need a local agent, Call Full Potential Real Estate!

Full Potential Real Estate, LLC

Myrtle Beach 29579

843-236-0203

http://fullpotentialrealestate.com/

Optimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.