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How to make a real estate counter offer when buying a house in the New Normal

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Excelr Tuhin

Mar 19, 2021
02:55

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A very important step when buying a house is to make a fair real estate counter offer so that you can have the home of your dreams at a better price. Here we share 7 recommendations for you to learn how to carry out an effective property purchase offer .

The last step in buying a home is negotiation, and it can sometimes become challenging if you don't know how to make a reasonable and fair offer to purchase a property. Because of this, as a buyer you must act very tactfully to avoid inconvenience to the owner.

For all the above, we share some tips for you to start making a real estate counteroffer , which seeks to benefit all participants. Make your annotations!

How to make a real estate counter offer in the New Normal for COVID-19?

  • Know the real estate market
  • Avoid haggling over the price of a property
  • Check that you are in good financial health
  • List the defects or improvements the home needs
  • Be flexible with eviction deadlines
  • Hire an experienced real estate agent
  • Prepare for a counter offer

Know the real estate market

The first step to carry out a good property purchase offer is to know the current behavior of the real estate market. That is to say, to make a relevant real estate counteroffer it is essential to be informed and know the value of houses with characteristics similar to the one you want to buy, as well as to know how the purchase-sale price varies in different neighborhoods and private subdivisions.

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During the New Normal, it is necessary to carry out an appraisal of the real estate you want to buy. With this information, you will know if the price increased or decreased since the COVID-19 health crisis began and you can set an amount based on it.

Avoid haggling over the price of a property

When negotiating the price of a house, you should avoid haggling with the owner. These types of actions reflect how little serious you have to seal the deal. Therefore, it is important to be very clear about your budget, what your limit offer is, but above all you must be completely sure that this is the house of your dreams.

For no reason will you have to be negative, desperate or rude to the owner or, where appropriate, the real estate agency.

Check that you are in good financial health

  1. make a real estate counter offer you have to prove that you are the best option on the market. That is, you must share with the owner how your financial situation is, for example, that you have enough income to pay for financing, that you are not a delinquent debtor and that you have financial security to close the negotiation.

List the defects or improvements the home needs

It is easier to reach an agreement with the seller if the property needs improvements, repairs or has visible defects in the structure. The more intervention the property requires, the better the purchase-sale price can be reached.

Usually, these types of problems put sellers at a clear disadvantage, since they have to cover the payment of the repairs and lower the sale price. However, sometimes they prefer to reject the counter offer and wait until the next buyer does not realize the hidden defects of said property.

Be flexible with eviction deadlines

When the sale involves a move for the seller, it is not necessary to be too demanding with the delivery date of the house. During the negotiation, you will have the task of knowing why the seller wants to sell his property and if he is urgent to find a buyer.

Once you know the reasons you can use them to your advantage to execute an effective real estate counter offer . There are cases where sellers use the sale of one property to finance the purchase of another, which means limited time to sell and may be eager to close a deal.

Hire an experienced real estate agent

A real estate agent is the perfect partner for buying a home. This professional is in charge of making the real estate counteroffer and closing the deal with the seller. Likewise, it is of great help throughout the buying and selling process, from choosing a property to signing the deeds before the Public Property Registry.

The knowledge of the real estate agent is power in negotiations, so their role is essential in the purchase of a home.

Prepare for a counter offer

Once you make the property purchase offer, you will have to prepare for a counter offer that will be requested by the seller. This will happen if the owner knows many interested in acquiring his property. In this way, you can make a counter offer with new terms and conditions regarding the value of the home and the necessary repairs.

 

Finally, you should take into account that real estate negotiations and counter offers can last days, weeks and even months until the parties reach a common agreement.

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