Real Estate Expert Tammy Beckley had tips for navigating the ins and outs of negotiating a home purchase.
1) Be honest with your Broker. It's difficult to negotiate on someones behalf when you don't have all the information you need!
2) Do your research. You are in no position to negotiate until you are well acquainted with the market. How much below list price does the average home you are looking in sell for? Make sure to sit down with your Broker and analyze any past sales in the area of the home you are going to make the offer on.
3.) Time is of the essence! Once you have decided to make your offer...make your move quickly but logically. There is nothing worse that taking to much time and having someone else step forward and you then have zero bargaining power.
4.) Tit for Tat- Remember this is a give and take. It has to be win-win for all. But if you ask for something make sure to give something. Have your agent do some investigative work and find out what is important to the seller. If you can offer a quick close maybe they will take a little less money etc...
5.) Remember that this isn't just a financial transaction. If you love the home....that's worth something! A $5000 price increase only adds $30.00 to your monthly payment. So, really analyze if you want to walk away and buy the house in the next block that you don't really love all that much but is a "bargain".