Negotiating the Price of a Home

Posted by Crystal Olenbush on Monday, November 19th, 2007 at 11:04pm.

You have found a home that you love.  The neighborhood is convenient for shopping, schools and commuting to your workplace.  It has the right amount of rooms and is spacious.  The kitchen has modern appliances and the grounds are landscaped.  How do you get the owners to sell to you at a price that will not strain your finances?

Before you make the serious decision to make an offer on the house, walk around the neighborhood to be sure it is well kept up.  You should also speak to some of the neighbors who will probably tell you if the area is noisy or if there has been a problem with crime.  You can also find out about crime statistics from the local police department. 

A comparative market analysis should be done by your real estate agent relative to similar homes in the neighborhood so that you can be assured that the seller’s asking price is in the same price range as the other homes.

Why is the seller moving?  Are they simply moving to another city or needing a larger home, or are they experiencing unemployment or divorce?  The reason for the move can shed light on how motivated the seller may be.  The seller may also be selling because they are unable to perform the upkeep the home requires.  For those houses that are considered “fixer uppers”, you can contact your lender for information on financing programs that can include repair costs in the mortgage loan amount.
Before you begin to negotiate with the seller, make a list of any noticeable items in need of repair.  If you would like any appliances, light fixtures or chandeliers to be left in the home, perhaps the seller will give them to you for a much lower price than if you had to buy them new.  Window treatments are usually left for the new buyer but the seller may also agree to leave curtains and drapes for a small fee.

Our team represents home buyers in the Austin area, and we are ready to walk you through the process.  Give us a call at 1-800-790-7910 to discuss your real estate needs.

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