After your find your dream home and qualify for a mortgage, it’s now time to close on the property. However, understanding some negotiation tactics while haggling over a home’s price can go a long way in saving you time and money.
The most common mistake made by a homebuyer is assuming that negotiating is not an option, says Bankrate.com. In fact, according to the source there’s room for negotiating in any home sale. You can either help the seller by taking the property off their hands or hurt them by going to a competitor or wasting their time. Making sure they understand this is the golden rule of negotiations.
Meanwhile, always be ready for action, advises Bankrate. This means knowing exactly what you want, doing research of the local neighborhood to determine a fair price and figuring out what’s most important to both you and a seller.
In addition, Bankrate recommends you never say yes to the first proposal, never offer to split the difference in price and save a small concession that you would be willing to give up at the end of the process so that the seller can feel satisfied and eager to sell.
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