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Real Estate in Jamaica
Real estate negotiation tips
 
When buying a home, you are expected to negotiate with the sellers asking price. Here are a few tips to help the negotiaition process go smoothly :
  1. Meet with the owners of the property and talk with them - about the property, their/your profession, kids (if any) - win them over. You want to ensure that the owner likes you and will choose you if there are offers in the same ballpark as yours.
  2. Do not let the minor details in a sales agreement be the reason for an unsuccessful negotiation. Give a little. Remember the big picture and what you ultimately want.
  3. Be respectful when negotiating for a property. Offer a fair price. Prior to the offer, perform a comparative assessment of what similar houses in the neighbourhood were sold for.
  4. Investigate the length of time a house has been on the market. The longer, the better your leverage.
  5. Do not write an offer letter stating why the property should be sold for much less. This will put the seller on guard and tensions will build. You can however, state market value for houses of the same type/geographical location/size etc.
  6. Although you might commission a real estate dealer to handle a purchase on your behalf, remember that you are in charge of the purse strings and therefore ultimately responsible for the offer price. You do not want to leave this responsibility to the agent or you might not be satisfied with the result if the agent makes an offer too low which is rejected; or too high and you think that you might have paid a lower price for the property if the offer is accepted.
  7. Get a home inspection done then renegotiate your offer. This inspection might reveal some fault or defect that you were unable to see with your untrained eye. You will then have the option to cancel the sale or ask for a reduction in the sales price.
  8. Do consider making an "earnest money" deposit. This is money paid in good faith to indicate that you are serious about purchasing the property. Make sure that this is deposited with a trust-worthy third party for example, an agreed real estate agency or a legal firm. Do not pay this money directly to the seller and ensure that you obtain a receipt.



 
Wednesday, March 29, 2017 About Us
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