Wednesday 19th of December 2018

How to Negotiate a Lower Selling Price

The biggest purchase that most people make is on a house. Because your home is such a large purchase, you want to make sure that you don’t pay too much for it. One of the best ways to save money on your house is to negotiate with the seller for a lower price. There are several things that you can do to try to pay as little as possible on your home. Once you have negotiated a great price, you can get online quotes in order to get the lowest rate on your mortgage to maximize the savings.

Try to Find Out About the House

Before you put in an offer on a house, find out more about the house. Has it been on the market for a long time? In the current housing market, there are a lot of homes that are taking longer to sell. A seller may be more willing to negotiate a lower offer if the house has been for sale for a while. If other homes in the area are selling for considerably less, you might want to include that in the reason for offering a lower price. You might also want to make further recommendations after the home inspection is completed. A home inspection will turn up any defects in the house, and may give you the opportunity to negotiate even further.

Don’t Let the Seller Know Your Eagerness

When you are buying a house, you don’t want the buyer to know how much you love the home. Additionally, you don’t want to come down with a case of “house fever” either. You might find a really great house, but you don’t need to let the buyer know that this may be your dream home. Since you will find out how long the home has been on the market, you should have a good idea of whether the home will still be there in a couple of days or not. In this market, it is likely that your dream home will still be up for sale tomorrow as well. If the seller can sense that you want their house at any cost, you have just lost all hope of negotiating a low price.

Create a Win-Win Situation

If the seller thinks that they are getting a good deal, and you think that you are getting a good deal, everyone is happy. Perhaps the home inspection comes back with a few items that need a little work, and a roof that needs to be replaced. You may ask for them to fix a few items initially, but be willing to concede the other items if they repair the roof and drop the selling price a little. If both parties come away happy, the deal was a success. You can also make it easier on the seller when you get online quotes ahead of time and have the mortgage ready when you make the offer.

Don’t Forget Your Mortgage

Remember not to put your entire home-buying focus into the price of the home. While you may be able to save several thousand dollars by negotiating shrewdly on your home’s price, the interest rate that you pay on your mortgage will also make a big difference in how much you eventually pay for your home. Get online quotes from multiple lenders before you decide upon one individual loan. Even a small change in your interest rate will make a big difference in the interest you pay over the life of the loan.