Beyond the emotional and significant stress that comes with buying a home, it is a huge accomplishment, but it also remains a business transaction, which means the two parties (buyer and seller) want to make the most of it. To come out on the best end, it is best to hire an experienced Estate Agent with the ability to negotiate on your behalf. These five factors can become a problem as you negotiate the purchase or sale of a home.
- Problem: The price is key to reaching an agreement, and when this is achieved, it must be respected. Usually, the problems occur when one party was not convinced that the price isn’t correct.
- Solution: Find similar, comparable sales. If the price is right, you will be hard-pressed to change the price because you are in the right. Also, if you signed a contract agreeing to that price, there could be legal consequences.
- Problem: Counter offers are not welcome. Buyers are wrong to think that if they counter the offer, the seller may not accept the deal. With the current market prevailing at short sales where a third party is the one who finally approves a sale, the seller may set a price that is not accepted by the bank. That’s when it sends a counter offer for the fast house sale.
- Solution: Counter-offers are generally not final and usually demonstrate that a party wants to negotiate. If no satisfactory agreement can be reached, the deal is over.
- Problem: The approval takes too long, which is another real problem in today’s market! The waiting time can be longer than 90 days, and many buyers get tired. Despair sets in, and they simply find another house.
- Solution: The key words are communication and patience. You will need multiple approvals: the owner, the bank the property is listed through, and your bank, which will approve the loan. It is important to have real expectations.
The business of buying a home will become emotional. The time taken and the problems that arise in the transaction will wear you down. What is most important is that you keep in mind this is a business, and you should not take things personally. Staying emotionally stable and remaining calm will be your trump card.