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I LOVE THE HOUSE!

NOW WHAT?

A guide to making your
best offer — the first time

Negotiating a Price
When you finally find the house you want, you are ready to make your
initial offer. If you’re working with a real-estate agent, he will conduct the
negotiations on your behalf, but the principles are the same. While you
obviously want to secure the lowest price possible, you also need to be taken
seriously as a potential buyer to encourage the seller to work with you. Do
your research well so that you can choose an appropriate starting point.
Compare to recent sales. Ask your agent or review public records, available
from the County Clerk’s office, to learn about recent home sales in the
neighborhood. How long were they on the market? How much was the asking
price? How much was the selling price?
Try to understand the seller’s position as much as you can: Does he have
any particular pressure factors that will push him to accept an offer more
hastily? Is he closing on another house or starting a job elsewhere very soon?
Do not offer any more information about yourself than is strictly necessary.
You want to be careful not to sound desperate for this particular house; if
you treat the process as a business transaction without getting emotionally
involved, you are less likely to be taken advantage of.
If you are working in a buyer’s market, now is the time to ask for any
concessions from the seller, such as including appliances or furniture in the
deal. On the other hand, if it’s a seller’s market, asking for concessions may
be a turn-off, and the seller may choose to look for a more attractive offer.

In a seller’s market, do as much due diligence as you can before signing a
contract, because the seller will be negotiating from a position of strength,

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