After you have fallen in love with a home and make the decision to bid on it, you are about to enter the negotiating phase. Negotiating can be a tricky part of the process that some potential homeowners may not be seasoned in. You may or may not be aware of the other buyers vying for a chance to purchase the home, but with some serious negotiating skills, you can ensure that the home is yours instead of falling into the hands of another interested party.
One recommended tip is to always communicate through your real estate agent. Your agent will communicate your requests and concerns to the seller’s agent to be sure there are no misunderstandings. Terminology can be legally sensitive. Allowing the agents to be the middle men and women assures a smooth transaction, free of unnecessary mix-ups and errors. You hired an agent for a reason. Use him or her as a resource that will facilitate and benefit your home buying experience.
Checking comparable sales is also an important step when trying to determine a proper bid. A Comparative Market Analysis (CMA) will display similar listings and you can also ask your agent for the full MLS listing details of the most similar properties. By looking into the details of what recently sold, you can better determine an appropriate and fair offer to make for that area.
Talking with your mortgage broker is also a smart idea before raising your bid or attempting to make a counteroffer. Crunch the numbers. Determining how much your monthly payment will be with your particular offer may help you lock down how much you can actually bid. Having a final monthly payment number may help you lock down your official bid before you get stuck with a monthly payment you cannot afford. Figuring out the numbers will only ease your decision making before you head towards the final steps of the home buying process.
With this information in mind, potential buyers can ease their negotiating process and hopefully close on their home in no time.
For more information regarding the negotiating process, making a bid or viewing comparable stats, please contact us at 303-449-7000 or RE/MAX of Boulder, Inc..
RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in both National Real Estate & Relocation and Real Trends magazines. Regionally, for the 3rd year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder.