I am fresh off of watching
last night’s Presidential debate thus the name of the title, a little bit about
the book, and nothing to do with which candidate makes the most sense (politics
and real estate do not mix). The book the Art of the Deal has some very good
tidbits about thinking big, knowing your market, and maximizing your options.
So, I am now going to try and leverage some of that knowledge and provide a few good tips on how the savvy buyer should prepare and negotiate for getting the best deal on the purchase of their new home.
Firstly, you really really really need to know your finances and work with what you realistically will be able to afford. Unless you’re one of the few lucky ones that do not require a mortgage you will need to work with a mortgage lender at the onset and get pre-approved right away. This will let the seller know that you’re a serious buyer and you have the means necessary to afford their home. The ability to negotiate the purchase price is all about the competing interest; if there are other buyers interested, and multiple offers are being considered, you will want to have a best offer first approach, and leverage any further negotiation through other means like home inspections, closing costs, furniture, and high end appliances remaining with the home. If there is no other interest at the time of your offer then things can get a whole lot easier in how you negotiate, as long as you know the real market-home value, and more importantly the sellers current situation (how motivated they actually are) e.g. why they are selling? When they need to sell by? Do they have a new home that is contingent on selling this one? These are just a few examples on how to get the best value, each sale is different, and when you understand all of the challenges and opportunities, you will gain that competitive edge needed to maximize your options. Good Luck in finding your Art of the Deal!
Lastly, you should always work with a qualified real estate agent that has a proven track record and knows the local market.
All the Best,
Real Estate agent at Marin Modern