3 Tips For Negotiating A Lower Price When Buying A Home
If you've been looking at houses and thinking about buying, you might have seen a few houses that you were interested in. However, you might have thought that some of the prices were unfair, or you might just want to ensure that you get the most reasonable price possible. Luckily, many sellers are willing to negotiate on a home purchase price. These are a few tips that can help you negotiate a lower price when buying a home.
1. Look for Desperate Sellers
Some sellers are a lot more desperate to hurry up and sell than others. Someone who hasn't yet found another house or who seems to be emotionally attached to the home that they are selling might not be willing to budge; instead, they might not mind waiting for someone to offer them a higher offer. On the other hand, someone who is in a more desperate situation -- such as someone who has already purchased another house and is having to pay two mortgages, is going through a divorce and wants to move on as quickly as possible or has found a new job in another location and needs to move quickly -- might be more willing to negotiate with you.
2. Be Willing to Budge
If you're not willing to budge yourself, you might have a tough time finding a seller who will lower the price. Be willing to make the seller's life easier, such as by being willing to budge on a closing date that is better for the seller. If the sale is easy, the seller might just be willing to budge on the price in order to avoid a stressful process.
3. Get Personal
Don't be afraid to get personal with the seller when looking at a home that you really like. Send a personal note when you send your offer, or tell the seller what you want to do with the house and why you're looking for a reduction in the price. It's a lot harder for someone to say no when things have been brought to a more personal level versus when a potential buyer is just a name on a piece of paper.
As you can see, there are things that you can do to negotiate a lower price on the home of your dreams. Following these tips can make your home a lot more affordable and may make it possible for you to qualify for a home that you wouldn't have been able to purchase otherwise. Speak with a mortgage broker for more tips.