Negotiating a house offer is often a stressful and frustrating experience. The pressure you are feeling comes from not only your buyer agent but also the mortgage broker to whom you have chosen to entrust the final step of your property purchase proceedings.
To make matters worse, after progressing through various stages of the process, you might even find yourself on the other end with no choice but to accept a ‘final offer’ from your buyer! Either way, now is the time for renegotiation! Here’s how to go about doing it:
Get a New Appraisal
Begin by getting a new appraisal from an independent appraiser and ensure they are familiar with the market. You want someone who has experience in this area and has seen other houses in your area sell for similar or higher offers than yours.
If you haven’t had an appraisal done already, ask around at your neighbourhood real estate office or contact one of the agents for a referral so they can help get one done.
Keep Good Records
If you have to renegotiate a house offer after your survey, keep good records of the discussions. Such will help you get a better deal than the first one.
You can negotiate with the seller or their agent. You may even get their permission to go over the house with a professional inspector, who will give you an opinion on what needs doing and what doesn’t.
If you are on the selling side of things, it is important to keep track of all work done and how much it has to cost. That way, you can prove to anyone who asks that any improvements made were necessary for your well-being and theirs.
Get Legal Help
Another option to use is to get legal help. If you go into negotiations with the agent and they are not offering you a good deal, it is important to go back to the lawyer and say that you want to get a better deal.
Your house survey and legal advice are an important part of the process. A surveyor will check that the property you are buying is in good condition and then check on how much work is real before you can move in.
If there are any problems with the house, it’s important to find out about them before agreeing to buy it.
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If you find out that the surveyor has missed something important, or if there are other problems with the property that aren’t fixed by a minor repair, you should discuss this with your solicitor as soon as possible.
Your solicitor will help you take legal action against the seller for any problems uncovered during the survey.
Talk to Your Agent or Realtor
If you are happy with the offer on your house and you’ve accepted it, then it is fine. You can move on to closing escrow, where the paperwork gets signed and closed. It is possible if you weren’t happy with the offer and want to renegotiate the price.
If you want to renegotiate the price of your house, you will need to contact your real estate agent or realtor once again. This time, however, they will help guide you through the process of renegotiating a house offer after your survey.
Your agent or realtor will help you make sure that everything is up-to-date before restarting negotiations with your buyer’s agent or broker. They will also tell you what information they want from both sides to properly negotiate with both parties involved in this negotiation process.
Make Changes to Your Home
When you’ve had your house surveyed, it’s time to think about how to change your house offer. You can make changes to your home in several ways, including:
- Renovating the kitchen or bathroom
- Changing the flooring and wallpapers
- Changing the heating and ventilation
- Making energy efficiency improvements
If you agree to make changes to your home before signing a contract, you can negotiate with the buyer on the price and terms of payment. Negotiating additional services or alterations to the contract may also be possible.
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You can save money by using this approach and negotiating directly with the buyer rather than relying on their solicitors or agents.
It can be very tempting to panic or get upset after finding potential issues with your house. Many first-time buyers have gone through the same process and know how difficult it can be to decide what you want to do next.
Hopefully, this guide will help you save a bit of time, and maybe a little money, in the world of house buying. The tips contained within should help you make sense of your survey, get your money’s worth in the report that the builder has to do for you, and negotiate better terms in your offer.