How To Negotiate A Real Estate Deal The Right Way written. “House Solution Team”
Whether it’s apartments for rent in Maadi Egypt, or single-family houses for sale in Madison, Wisconsin, you need to hire a professional real estate agency when you are negotiating a real estate deal.
The first reason is that the sellers nearly always overestimate the value of their properties, and the buyers nearly always underestimate what these same properties is worth.
Both seller and buyer need to meet in the middle in terms of price, but usually both are too emotional to agree. A professional real estate agent can easily determine the fair market value of a property by comparing it to similar ones in the same area. Then the agent serves as the middle man during the negotiations, most often trying to get the seller to come up and the buyer to come down on the price. There is a saying among realtors: the best deals are ones when both parties are a little disappointed.
The second reason to use a professional agent is that real estate deals involve many important details beyond pricing. For example, a buyer can ask for both a property inspection and a home warranty to avoid costly repairs in the future. The buyer may also want a professional appraisal of the property’s value. If the appraiser finds that the value of the property does not equal its asking price, the buyer may not qualify for a large enough mortgage to pay for it. A real estate agent guides the buyer through these processes.
Third, your real estate agent sets a closing date and determines the closing costs of the deal, which can run into more money than you might think. The buyer usually pays closing costs and the seller pays commissions, but these too can be negotiated. If the seller needs to occupy the property for a few months after the closing date, the buyer is entitled to rent. All these details make up the final deal.
Finally, a lot can go wrong when people try to sell and buy properties as private parties. For example, if you don’t have everything in writing, the seller can walk off with fixtures in the house like appliances, and even ceiling fans and light switch covers. If you’re buying in an area far away from your current home, you can easily overpay, especially if you’re under time pressures. You may accidentally buy a property that needs to be decontaminated, or needs major plumbing work, a new roof, or a new heating/cooling system – repairs that can cost in the tens of thousands.
A real estate agency protects both buyer and seller from do-it-yourself disaster deals. Aren’t you glad you’re doing it the right way?