3 Important Negotiating Tips For South Florida Homebuyers
1. Quick Response Times
When it comes to counteroffers it’s critical to respond soon as possible and to avoid making a counteroffer with any term that is not truly a deal breaker. Extended delays in responding leave space open for another buyer to step in and create a bidding war, or even more likely, for the seller to perceive that other serious buyers might be out there. A seller’s mere perception of a hint of a whiff of the scent of a potential bidding war is a homebuyer’s number one nemesis, ratcheting up the possible sales price in the seller’s head on an exponential basis.
2. Check The Comps
The more money you offer, the more likely the seller will accept. Your real estate agent only gets paid if the seller accepts, so you can see why some agents tend to include or emphasize the highest priced comparables, even if they aren’t the most similar comps for your property. Galleria International Realty Agents work to provide you a Comparative Market Analysis (CMA) and ask for the full MLS listing details of the several most similar comparables. That way, you can decide for yourself how similar they really are!
3. Crunch The Numbers
Before you finalize your decision about how much to offer, have your mortgage broker run a monthly payment on your offer price and estimate your property taxes and insurance. Often, buyers inch up in price during the house hunt and in the course of formulating their offer, so it’s important to have a final check on the exact monthly and annual obligations you will incur if your offer is accepted.
Also, if you’re seriously debating between offering two different prices and are having a hard time making the decision, ask your mortgage professional to run the payment, taxes and insurance on both of the prices you’re considering. You might be surprised at how small (or large) an impact a $5,000, $10,000 or $50,000 difference in purchase price has on your ongoing payments, and it may help ease your decision making between the two amounts you are thinking about offering.