Negotiation after Home inspection
Of the different skills and knowledge that helps you to get a good real estate deal, the skill of negotiation is a very critical one, as it helps you to not only ensure that you pay a justified price but also the fact that the seller is not able to fool you by selling you a sub-par product. Negotiating the price of the house you intend to buy is quite a tedious process, but very rewarding if done the right way. Normally there are two things that you always negotiate while finalizing a deal. The first one is the loan and the related rates that you negotiate with the bank. The second one is the price of the property which you negotiate with the seller.
When it comes to negotiating the home price, the final negotiation always happens after the inspection is done. Even though you would have given a pre-sales offer, that price is never binding. This is because the actual condition of the house is known only after the inspection is carried out either by the buyer or the inspector or by both. This allows the buyer to calculate the actual worth of the house and negotiate accordingly. Because of this reason, it is advised that the initial pre-sales offer be lower than what you actually intend to pay for the house. As far as negotiating the house price is concerned, the most critical phase of negotiating comes after the inspection. The home inspector’s report will certainly come in handy during negotiations so that you can make the seller aware of the defects that persist on the structure or elsewhere and ask him to either rectify the same or reduce a certain amount from the final price, so that you could take of the repairs after you have bought it.
Also, make sure that you study the market and make a note of how much the recent sales of similar properties were worth, so that it gives you an idea as how much to negotiate. Art of negotiating is about making the seller do what you want him to do, but by mutual consent and satisfaction. If you push him to a corner citing certain defects that can cost a lot and try to get a profitable deal out of such a situation, it is not worth being called negotiation, as it often turns out to be a forceful way of dealing the business. The fact that you concede some points to the seller is considered a good way of negotiation and not a disadvantage or weakness. It is infact a smart idea to concede certain smaller issues to the seller, while making him agree to bigger and graver problems that need rectification.
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