How to Negotiate the Best Price When Buying Key Biscayne Waterfront Condos
Once you found the perfect one among the waterfront condos in Key Colony Key Biscayne, the next step is to make an offer, and hopefully, negotiate the sale. As a buyer, you obviously want the lowest possible price and terms that suit your budget; the seller, on the other hand, wants to make a profit and a good return on investment.
In a perfect world, both you and the seller would get exactly what you want. But in reality, each has to make a concession to arrive at a reasonable settlement. So how will you get a fair deal on a home you’re prepared to make an offer on?
Here are 6 tips that will help you strengthen your position as a buyer and cement the deal:
- Make sure your finances are in order. Your offer will have more bearing if you include a mortgage pre-approval. A pre-approval means a lender has verified your information and documents (bank statements, tax returns for the past several years, your employment and credit score) and has determined the specific mortgage amount for which you are approved. This will also help you set your limit and not go beyond your budget.
- Know your market. Are you experiencing a buyer’s market or seller’s market? Study the current market conditions and be aware of how much other Key Biscayne waterfront condos are selling for, and how quickly they are selling. This information will be very valuable when you come up with an offer and during the negotiation.
You can visit www.MiamiRivieraHomes.com to know more about comparables and homes for sale in the Key Colony Key Biscayne area.
- Base your offer on the home’s fair market value, regardless of the listing price. Why? Because the property may be overvalued or undervalued, depending on the seller’s strategy. Work with your Key Biscayne real estate agent to come up with an starting offer price that is fair, competitive and in line with your negotiation strategy. Avoid the mistake of giving an unreasonably low offer as it can be insulting to the sellers.
- Don’t be afraid to ask. Once you have the home inspection results, feel free to use it as leverage to ask for repairs, other concessions and probably negotiate a lower price.
- Be flexible. Flexibility is very important in negotiations. You don’t want to lose on your bid for your dream Key Colony Key Biscayne beachfront condo because of small issues like window treatments or carpeting, right? Let the little things go. If you are willing to compromise, you can generate good will that can improve your chances in later negotiations.
- Trust your agent. Remember, your agent is your negotiator so you should be upfront about your budget and desired outcome. An experienced and trusted Key Biscayne real estate agent with hundreds of negotiations under his or her belt will carry out the negotiations on your behalf and protect your best interest.
When it comes to making an offer, there are no guarantees. The key is to find the perfect balance that will leave both you and the seller satisfied with the deal. Remember, a good negotiator always leaves the other party believing they have won the negotiation.
Waterfront Condos in Key Colony Key Biscayne 