How do you make an offer to purchase after a visit?
After touring the property, you can't help but feel drawn to it and think it's a fantastic opportunity. You should make a first purchase offer at this point in the negotiation process. So, what do you do now? What should you say to justify your offer if it is lower than the going rate? As such, it is imperative that you pay close attention to the guidance of your real estate agent at this time so that you can acquire the property in the most advantageous manner possible.
Get together on a new visit to further your case
Even if you've felt a genuine crush or appreciated the property enough to position yourself on an offer after just one visit, you still haven't mastered the tools necessary for a successful negotiation. We recommend planning a return trip so you can examine this opportunity with a more critical eye, verify the merits that initially piqued your interest — and call attention to any flaws that might allow you to negotiate a lower price.
Don't be shy about bringing along an architect or site manager on your second visit if the home or apartment you're eyeing will require renovations. The latter will be able to give you an accurate estimate of the costs associated with the upgrades, which is obviously a powerful point of leverage during negotiations.
"If the house or apartment you're interested in needs renovations, don't be bashful about bringing an architect or site manager with you on the second visit."
Conduct a thorough market evaluation to determine the property's true value
Since the seller anticipates some haggling on the part of the buyer, there will always be a discrepancy between the asking price and the fair market value of the property. Due diligence is required to determine whether or not the asking price of the home or apartment you're interested in is actually fair.
Real estate agents are invaluable for this because they are conversant with the local market and the area in which they operate. You can confidently ask for an estimate of the lowest possible price from this person without jeopardizing your position.
Before making an offer to buy, it's important to establish the sale's setting
You need to understand the larger picture of the sale to know if a price reduction is feasible. If the owner is eager to finalize the sale, for instance, they may be more flexible with the asking price. Attempt to meet with the owner and ask questions to better understand the motivations behind the sale. This information may prove useful during negotiations.
The owner may be more flexible on the asking price if they are eager to finalize the sale.
A property that has been on the market for a while will also be more amenable to negotiations than a brand new listing. In this regard, you should inquire with the real estate agent as to how long the listing has been active (or use your previous research to find the information yourself).
Be wary, not all situations allow for negotiation; seizing an opportunity as presented is sometimes necessary if the seller is receiving multiple offers and can afford to be picky. Therefore, before you decide to position yourself on a price lower than the selling price, be aware of all the criteria mentioned in this article and do not proceed without the help of a real estate specialist.