Finance -
Negotiating Tips for Buying Real Estate
Art Gib
Cash Back Realty ( offers a discount on real estate closing costs. This is done through their commission rebate program, saving clients hundreds or even thousands of dollars. Art Gib is a freelance writer. 
By Art Gib
Published on 10/30/2008
When it comes to buying real estate, people often have grand ideas of how they are going to negotiate.

When it comes to buying real estate, people often have grand ideas of how they are going to negotiate. However, when the situation presents itself, people end up falling short. There are certain things you can do in order to help the negotiation process go your way. That way, you will be able to purchase a new home at a fair price.

The first key to properly negotiating for real estate is being realistic. While negotiations can help bring the price down, they are only going to bring the price down to a certain extent. If you are looking at some property that is out of your price range prior to negotiations, you must understand it will probably still be out of your price range after negotiations.

Therefore, understand the negotiation process and how much it is actually going to help you. Negotiate for a home you can afford so you will not be disappointed. It is never a good idea to purchase something that is out of your means. Look at the homes you can afford, and then you might be able to get an even better deal on such a property through negotiations.

When you are negotiating for the property, do not waste your time or the time of the seller by making an offer that is insulting. Do not offer a price that is too far below the listing price, or the seller will probably not budge at all.

While it is realistic to realize that when you make an offer you will then receive a counteroffer, it is a bad business idea to place an offer too low below the asking price. That is a way to end up not getting the real estate you are looking at.

That being said, the circumstances of the sale can change everything. If someone is facing foreclosure, you will have a lot more room to negotiate. If you find yourself in a situation where you are looking at a property that the seller needs to sell right away, you might be able to negotiate the price down quite a bit. When you know the circumstances, you can then try to negotiate in a different way.

Your demeanor during negotiations is also very important. One of the biggest mistakes people make when negotiating is they are simply too eager. They are so afraid of losing the sale they will jump on an offer even if it is not what they want.

Do not be afraid to counteroffer. The buyer is expecting you to counteroffer, and that is how the negotiation process works. If you appear to be overly eager, the seller is going to pick up on that and they will be less likely to budge.

Proper negotiations are essential when buying real estate. You want to get the best price possible, and negotiations can help you get that. Go into the process using the guidelines and you are more likely to get your Midway real estate at a price that will make you happy.