Experience with purchasing a new home
Looking for your first home is quite exhilarating and emotional as you always want to find a forever home which suits your family needs.
My search for forever home was quite exciting as after looking houses for more than 2 months, i got the deal done in one hour. We selected a house which ranged from 640k to 690k. i was asked to put an offer for which i set 642k as the 1st offer. the realtor called me back and this is where the negotiation started. i was being told that its a very low price and the owner already had an offer of around 680k so provide them the final offer.
My wife in jubilation asked me to put 685k as the house was well in our range however i controlled my emotions and put 650k as final offer from my side which is valid for 1 hour only.In my opinion, if the property agent had a realistic offer for 680k, he wouldnt have approached me at all to make another offer as my 1st offer was well beyond 40k.And as expected, the property agent called me to confirm that the deal is finalized.My advice to the 1st home buyers with the experiences i had,
- Try to move into the same area or in viccinty if you are renting a house atleast 6 months before buying to understand if the area suits your requirements.
- it good to have your emotions controlled as this will avoid any hasty decisions.
- Better to have preapproved loans ready as its easier also to negotiate since you know your limits.
- If you need to make multiple offers, try to increase the amount in multiples of 250.
- Give a realistic one time offer to let the property agent/buyer think that they can also loose a buyer and might have to wait for long.
Happy Buying :)