Buying A Home Home Loans

6 Smart Negotiation Tips For First-Time Home Buyers

4. Scope Out The Pending Offers

The last thing you want when you’re trying to snag your dream home is to end up in a bidding war. If the property you’re interested in already has a pending offer that doesn’t mean you don’t still have a shot at it. Ask your agent if they can get the details of the offer. Chances are if you can come up with something better, the seller might decide to accept your terms over another buyer’s.

5. Check The Competition

If the home you want to buy is in an area where there are lots of other properties for sale, that can be your secret weapon for forming an offer. Look at homes that are similar in size and age to the one you’ve got your eye on. Then look at what it’s selling for. If you notice the comps are priced quite a bit lower, that can be your in for opening up the door to a better deal.

6. Don’t Drag Your Feet

Negotiating is a delicate art and when a home is attracting a lot of interest from other buyers, you can’t just sit around on your hands. You should be ready to move quickly while keeping your focus on what your bottom line asking price is. If you hem and haw over a minor detail in the contract terms, another buyer could come along and scoop the home right out from under you. That’s the last thing you want to happen if you want to keep your home-buying dreams alive.

About the author

Rebecca Lake

Rebecca Lake is a personal finance writer and blogger specializing in topics related to mortgages, retirement and business credit. Her work has appeared in a variety of outlets around the web, including Smart Asset and Money Crashers. You can find her on Twitter at @seemomwrite or her website, RebeccaLake.net.

1 Comment

Leave a Comment