Negotiating a Real Estate Deal - Orange County, CA
Regardless of whether you are interested in buying or selling a home, learning how to properly negotiate a real estate deal is considered to be a crucial step in the process. As a seller, you will usually have a goal of closing the deal as soon as possible and walking away with the most cash possible. As a buyer, you are likely interested in getting the seller to lower the price as much as you can. As you can see, these are pretty opposing goals which can lead to some difficulties with coming to a resolution that all parties are a fan of. Luckily, there are some tips and tricks that you can implement to become a pro at negotiating a real estate deal.
One of the most common tips given when it comes to negotiating anything to do with real estate is to never make the initial offer. Opting to make the first offer will quickly take away any leverage that you may have had and lead to you making an offer that is actually better for the other party. For example, let’s say that you find a home that exceeds your expectations, and you think it is perfect, so you make an offer of $275,000. However, choosing to do this will stifle your ability to offer anything less. The seller may have been willing to allow you to purchase the home for $210,000 and you could have put in a counteroffer. The fact that you already offered $275,000 means that you cannot go any lower.
The most crucial aspect of the home buying process that needs to be considered when contemplating and negotiating a real estate purchase is financing. If you are the seller, you should already have a rough idea of the financing terms that you would be willing to accept. This will easily allow you to save a substantial amount of time by avoiding the negotiating process with buyers who do not meet the financing terms that you have previously deemed to be acceptable. If you are the purchaser, consider securing some financing in advance of the negotiating stage. In fact, some sellers even have a requirement that you must have some sort of financing secured before you are even able to begin negotiating with them. On top of that, having financing in place is beneficial as it gives you serious leverage in the sense that the seller is aware of the fact that you have a way to actually pay for the home in Orange County, California.
If you are not in a rush, it may be best to attempt to time your purchase dependent on the state of the real estate market in your area. At times, the market will be in favor of the sellers whereas other times it will be better for potential buyers. If time is not of any concern and you can wait a bit, waiting to enter the market could pay off handsomely for you. Waiting for the perfect moment will grant you with a substantial amount of negotiating power which, in turn, will get you an even better deal than you could have ever expected.
If you want to sell your home in the Orange County, California area you should contact us. We will offer you a cash offer on your home with no hassle and will give you the best deal possible. No commission, no repairs, no realtors needed.