This tip involves a diminutive trickery and some of you might find it dishonest. Normally in a adjudication the side with the most data wins, or at fewest gets the best terms.
In the clarify of abode trade you will find yourself in a allied situation. You want to pay as diminutive as possible for the house, as the seller needs to get as much as he can for the house. The only way to save alimony on the price, is to get the seller to come down on price. And in order to have that happen, you need to try to ascertain how low the seller will go.
The abode might be down for $250,000. You broker will be able to tell you what the seller paid for it and when. Let us say the seller bought it two days ago for $180,000. And according to the seller paid $30,000 in upgrades and remodeling.
So the abode cost him $210,000. If he put down 10% he should have a loan account of about $185-190 thousand. But he is asking $250k. What we need to do is find out how badly the seller needs to sell. And in order to do this we send in a ringer.
When you find a abode you would like to buy, have a associate make a low offer on the house. By act this you will get to see how low the seller will go in price. You will have more data about him than he will have on you and you can use that to your advantage to pay much less.
If you put in a lowball offer yourself, you risk the chance of confrontational the seller and they might let their personal feelings get in the way and boycott to sell you the abode at any price.
So we have a associate call the directory broker and see the house. He then puts in an offer of say $205,000. The seller will probably say no. But your associate might get a counter offer. And that is what we want. We want to see the sellers reaction. If he sends a counter, that is great. If not, then we did not lose anything.
The counter offer is then the extreme you will have to pay for the house. If the counter is say $225,000, you just saved $25,000. Plus now you can make your offer less than $225,000 and save even more.
If two offers are made on the abode in a abrupt time and they are both abase than what the seller was expecting, he will probably abase the bill to what the offers are coming in at. His broker will also be nearly him to sell so that she can get her commission and move on to the next client.
Having a associate put in a lowball offer is a great way to test the seller excluding causing any damage to your negotiations. But make sure the seller by no means finds out the lowball offer was a set up.
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