Looking for negotiating advice while purchasing Massachusetts or Connecticut real estate? Nothing like buying a loaf of bread or a new stereo is buying a house. As most sellers list their Massachusetts or Connecticut homes at a higher price than they actually plan to get, negotiations are an inevitable and required part of the process. While negotiations are expected, you can get an even better deal by learning how to negotiate well. So let’s look at some tips for Massachusetts or Connecticut agreements and objections for homebuyers.
Determine What You Consider a “Win”
The first of our negotiating tips for Massachusetts or Connecticut home buyers includes deciding exactly what you’re going to consider a “win.” You really have to head into the talks understanding what you want to achieve, or in this rivalry you’ll be at a disadvantage.
Determine your goals before ever making a bid. Do you get number one at the lowest price in your book? Or are some compromises more relevant? Or is closing at the top of your list of goals by a certain date? Whatever it is, before you begin bargaining, know what it is.
If for example, your top priority is a fast closing timeframe, you’ll likely have to compromise in other ways. In this situation, you will not be able to turn to a price discount for roof repairs. But it’s not going to matter, because it’s all going to be a win for you.
Still in order to get what you need and desire, you do not want to give up too much. This is where it can be an invaluable advantage for an experienced local agent to help you ensure that your win really is that. Call 413-455-0008 to find out more about this.
Understand the Local Market
And an invitation to consider the local market dynamics should be included in any list of negotiating tips and objections for homebuyers in Massachusetts or Connecticut. This refers in particular to the amount of interest in a home from the buyer.
“The amount of space that you must negotiate is inversely proportional to the amount of home interest. You’ll have less space to negotiate if more buyers have shown interest in the home and there are more offers. You have more space to press for discounts, a cheaper price and repairs if your local Massachusetts or Connecticut real estate market is cold.”
Your local representative, once again, can be a big help here. She will get a sense of interest from the buyer and as a result, will know precisely how to handle negotiations effectively.
Leverage the Inspection
Another valuable tip for Massachusetts or Connecticut home buyers to negotiate is to ensure that they get an inspection and then exploit the inspection results. You will get a copy of the inspection report, and you will be able to use it to get a better price.
“If the home inspection shows any concerns that are deal breakers for you, you should,” according to industry pros, “ask the seller for concessions. You may want to ask the seller to correct an issue, provide you with a closing cost credit, or lower the price. If your bid contains an inspection contingency, or if the inspection discloses a big home issue, you can also use the inspection results to cancel the deal.”
In negotiating the final sale price, the inspection results may be a key factor. Be sure to consult your agent to get the most leverage if you’re uncertain about this.
Communicate Through Your Agent
This one may be the most critical of all the tips for negotiations. Often interact via your representative with the vendor and the seller’s agent.
And here’s why one of the tips for Massachusetts or Connecticut home buyers to negotiate is so paramount: “There’s a lot of real estate jargon to master.” Bear in mind that all of these words have legally sensitive meanings and are often conflated. Many consumers, for instance, do not completely grasp the distinction between an assessment and an inspection. If you contact a vendor asking about assessment results when you only plan to reference inspection results, you can not get the response you need in time. Your real estate agent knows how to convey questions and demands in a manner that does not jeopardise your interests.
Don’t Forget Closing Costs
Another part of the deal is closing, where you will score a major win in the negotiations. After the down payment, closing costs are the second biggest upfront expense.
A good bargaining tactic, then, is to get some or all of the closing costs to be paid by the seller. And this is why we include this among our negotiating tips: “Closing costs on a Massachusetts or Connecticut home purchase are typically between 3 percent – 6 percent of your overall loan value. For instance, closing on a loan of $150,000 means you can expect to pay closing costs of between $4,500-$9,000. This means that these fees can present a significant obstacle between you and your purchase of a home..”
Get the Agent Edge
Indeed, these are valuable negotiating tips, but they are just a few of the things you can do to get a better deal. One is to make use of a qualified local Massachusetts or Connecticut real estate agent who is a local market specialist. Your representative can be your spokesperson and will bring her vast skills and experience in negotiation to bear. To make the most of these Massachusetts or Connecticut negotiation tips.