9 Smart Tips when Negotiating with a Home Seller - Buying a home becomes an important decision and will affect your financial condition. The price of this asset is quite high, so it is important to plan the purchase well from the beginning.
You must understand and be able to manage the risk in buying the house, so that later you can benefit from the transactions you make.
In addition to purchasing with a mortgage system, buying a used house is often the choice of many people. The purchase of a used house like this is usually done in cash.
It is important to have a good ability to negotiate with the seller, so that you can get the best price. Do not let you make too easy to make a decision, without making the best efforts to be able to profit from the purchase of the house.
Check out some of the following important tips, which you can do to make a profit in negotiations with home sellers :
9 Smart Tips when Negotiating with a Home Seller
1. Learn market prices
When you have found the right house in the right location, then start looking for market prices in the area. You need to adjust to the type and size of your home, including the design and everything else. This becomes a very important point, so make sure you do it carefully.
The more accurate the market price you get, the easier it will be that you make reasonable offers that can provide benefits for you. The condition of the house itself will greatly affect this price, so do not ignore it.
2. Don't get carried away with feelings
Avoid attitudes that are too emotional or excited, because you must remain objective in making decisions. Even if you like the house of your choice, make sure you stay calm and not get carried away. You need to negotiate in the right way, in order to get the best and most profitable price in the purchase of the house.
3. Prepare for compromise
Negotiations must be accompanied by compromise, you have to prepare yourself for this. Submit your offer only after you have done a survey, so that you can really determine the right price and in accordance with the condition of the house. Not just once,
You can even do several surveys first before making an offer. In this case you must remain flexible and provide offers based on an accurate analysis of the condition of the house.
4. Determine the value of the offer based on cash flow
Don't ignore the potential profits, you need to calculate this before making an offer. There are several things that can be considered, among others: market price, liquidation price, and others.
Calculations like this will give you a clear picture of the potential profits that can be obtained, including the potential for cash flow. This calculation will allow you to get the most viable price for the purchase you will make.
5. Set a maximum bid price limit
As a good investor, you certainly already have a careful preparation before making an offer or negotiation. Don't forget to set the maximum price limit you will give in the offer.
This is important and will help you more easily negotiate in a quick time. If it turns out that the seller refuses to offer below the price limit, then you certainly do not need to continue negotiations anymore.
6. Don't mention the price first
In negotiating a home purchase, avoid mentioning the price first. Let the seller mention the price first time, including the end limit that he considers appropriate. In general, the seller will immediately ask how much the offer price you give.
7. Lower bargaining
When making an offer, make sure you provide a value that is lower than the price offered by the seller. For example, if the price set by the seller is Rp 800 million, then you can make an offer in the range of Rp 600 million - Rp 700 million. This will make you have a range for negotiations, which is around Rp 100 million - Rp 200 million.
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| Negotiating with a Home Seller |
8. Do not be influenced in making decisions
In buying a house like this, the broker and seller of the house is a person who often influences prospective buyers. Make sure you understand the ins and outs of the property first, so that it is not affected by others in making decisions. This will make it easier for you to make a more profitable offer.
9. Ask for a grace period
If you have reached a price agreement, then you still need to negotiate related to the payment process. You need to ask for a grace period to make the payment, especially if this process will involve the bank which could take up to 1 full month.
Convey this well, so that later the payment process can be completed properly and as planned.
Negotiate Smartly
When going to buy a used house, you will need a negotiation process first. This process is very important and can affect your profit potential, so make sure you understand well how to negotiate properly. Negotiate in a smart way, so that you can get a dream home at the most profitable price.
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