Hey,
Thanks to architectural digest, social media platforms and property websites, I keep scrolling through a list of out of budget properties and start wishing I would own the property. Few of the properties are overpriced. It makes me wonder, how to make an offer on an overpriced home.
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How to negotiate an overpriced home? Research:Sellers overprice their properties to make maximum profit. The best negotiating tool is researching the market. I have noticed that a well researched buyer can easily determine a property's fair market value. Look at similar properties and their price to make a detailed comparative analysis report.
Market Value:If the price of the house is significantly more than the market value, then the house is overpriced. You can negotiate by checking how long the house has been on the market and compare it to similar properties.
Condition of the house:Look at the condition of the house and point out areas that will need repairs.It can be a good negotiating point that you( the buyer) will have to invest money in repairs of the house.
Seller:Try to connect with the seller and understand their motivation to sell. Understanding the seller’s mindset will help you understand if they wish to quickly get the property off their hands( which might prompt them to accept a lowball offer).
Offer:Make an appealing offer to the seller. You can offer the seller a substantial money deposit. You can offer to close the deal with a flexible date while showing him preapproved loan documents etc.
I hope my explanation on how to make an offer on an overpriced home helps you out.
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How to make an offer on an overpriced home?
Kimaya
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2 Year
2022-12-22T12:47:39+00:00 2022-12-22T12:47:40+00:00Comment
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