Making
the Offer
Everyone
worries about paying too much or buying a house with "hidden"
defects. You can avoid problems like these and prepare yourself
for each step. To buy a home, you always have to do some negotiating.
Even if the seller doesn't haggle over the offering price, you
still need to negotiate whether to include appliances and other
household items in the sale, and what contingencies to include
in the sales agreement.
Should
I start low and negotiate?
Every
potential transaction will be different. Sometimes a seller will
overprice a property assuming that a buyer will want to start
with a low offer. Often when a seller chooses an experienced agent
to list their home, the asking price will already be right on
target. In either case, maintain some emotional distance so you
can negotiate well, and refer to your comparative market analysis
(CMA) often so you don't pay more than "fair market value."
Time
is of the essence?
You
may have to act more quickly in a hot (seller's) market, but consider
your decision carefully, weigh the asking price against the home's
true market value. Prioritize your tasks so you don't get overwhelmed.
You have to meet certain deadlines imposed by the sales contract,
but many other things--like planning a remodel--can be put off
until after you move in.
Be
prepared for unexpected problems
Every
transaction hits a few snags, but most of them are solvable problems.
Think through some common problems, and how you can resolve them.