Five Negotiating Tips When Buying a New Home

 

Negotiation is an important part of any real estate transaction. It can be a delicate process requiring patience, perseverance, and plenty of know-how.

113 Hook Road in Bedford

When purchasing a new home, you need to be ready for anything! That’s why the experienced professionals at Douglas Elliman Real Estate, the nation’s fourth-largest real estate company, have put together a list of five negotiating tips that will help you secure the home of your dreams:

#1: MOVE QUICKLY

Respond to counteroffers quickly or you risk having another buyer swoop in with a better offer. If there are multiple offers, consider writing a letter to the homeowners about why you want to purchase the home and what you love about it. Sometimes, personal touches go a long way.

#2: GO THROUGH A TRUSTED REAL ESTATE AGENT

Always go through your real estate agent, who will communicate your request or concern to the seller’s agent. It’s best to work through a professional so you can establish some distance – and let your broker deal directly with the seller’s agent. Along with understanding the market, a real estate agent knows the rules and regulations and can spot loopholes and deals more easily. You don’t want to end up overpaying or worse – not getting what you expected in the end at all!

#3: HAVE FINANCIALS IN ORDER

Make sure you are pre-approved by a mortgage professional. Check your credit reports for errors. If you don’t have your i’s dotted and t’s crossed, you risk not appearing as qualified as other potential buyers. Paperwork is very important. Outstanding debt could be a deal-breaker because credit is tight and so is lending!

#4: CHECK THE COMPS

The more money you offer, the more likely the seller will accept. Your real estate agent only gets paid if the seller accepts. Ask your agent for a copy of your Comparative Market Analysis (CMA) and ask for the full Multiple Listing Service (MLS) details of the several most similar comparables.

#5: BE REALISTIC

Before you finalize your decision about how much to offer, have your mortgage broker run a monthly payment on your offer price and estimate your property taxes and insurance. Often, buyers inch up in price during the house hunt and in the course of formulating their offer, so it’s important to have a final check on the exact monthly and annual obligations you will incur if your offer is accepted. Working with an in-house lender, such as DE Capital at Douglas Elliman, allows potential buyers to have a seamless experience with the same agency. Both parties will work with you to create a plan that works for you.

Established in 1911, Douglas Elliman has a network of more than 5,000 agents in over 75 offices throughout Manhattan, Brooklyn, Queens, Long Island (including the Hamptons and North Fork), and Westchester and Putnam Counties, as well as South Florida, Connecticut, and California. In addition, through a strategic global alliance with Knight Frank Residential, Douglas Elliman's powerful network extends to 43 countries across six continents.

Douglass Elliman Real Estate
www.elliman.com

Westchester Region Offices:

404 Main Street
Armonk, NY 10504
914-830-8837
Lisa Hogan, Branch Manager

438 Old Post Road
Bedford, NY 10506
914-234-4590
Barbara Plunkett, Branch Manager

101 King Street
Chappaqua, NY 10514
914-238-3988
Gabe Pasquale, Executive Vice President, Westchester Region

83 Katonah Avenue
Katonah, NY 10536
914-643-2244
Diane Cummins, Branch Manager

343 Manville Road
Pleasantville, NY 10570
914-769-3333
Gabe Pasquale, Executive Vice President, Westchester Region

26 Popham Road
Scarsdale, NY 10583
914-723-6800
Gabe Pasquale, Executive Vice President, Westchester Region


What's this?
This content is made possible by our sponsor. It is not written by and does not necessarily reflect the attitude, views, or opinions of the
Westchester Magazine editorial staff.