Buying a home in clovis can have moments that can get emotional. It doesn’t need to be that way. If you stick to a plan and follow the lead of your broker, you can get through this. Although your broker may offer advice, it’s ultimately you that needs to make the final decision.
Here are five tips for negotiating the best price on a home.
Get Prequalified for a Mortgage- Prequalifying for a mortgage does two thing for you. It tells sellers that you’re serious about buying their home and that you can afford it. This also puts you in the lead of those who don’t take this important step first.
Ask Questions- Ask everything and anything that you want. You need to know many things about thee him and seller you’re interested in. What’s the seller’s motivation for selling? What. is their financial position? Are they facing foreclosure or short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for along time, or was it just listed? Have there been other offers? If so, why did they fall through? It’s up to the seller’s broker to answer these questions as long as it’s not breaking their client’s confidentiality. The more signs that sellers are eager to sell, the lower your offer can reasonably go.
Avoid Contingencies if possible- Sellers don’t like taking chances. Nobody does for that matters. So keep the bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Try to keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.
Remain unemotional- Remember that buying a home is a business deal. Treat it that way. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating. Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty.
Know your market- Our Clovis, NM housing market is currently what we call “a buyer’s market” and this works to your advantage. Use it.