Attending an open house allows you to see the actual property. It is one thing to see the property in photos and thorough descriptions. It is another thing to see it in reality. You need to ensure that you scrutinise the options thoroughly so that you will not regret your decision. You are also investing
Attending an open house allows you to see the actual property. It is one thing to see the property in photos and thorough descriptions. It is another thing to see it in reality. You need to ensure that you scrutinise the options thoroughly so that you will not regret your decision. You are also investing a considerable sum of money to buy a house. These are some crucial tips you need to remember if you are attending an open house and you decide to buy the property.
Do not show too much excitement
Talking the owner into reducing the cost might be tricky if you have already manifested how much you love the place. Since the owner thinks that you will purchase the property anyway, there is no point in bargaining. Try your best to have a poker face when you see the property. Contain your excitement and be serious when asking questions related to the cost.
Point out some problems
It also helps if you point out some possible issues that you will need to deal with if you buy the property. You can ask the owner to fix those problems first or reduce the cost so that if you purchase it, you will shoulder the repair expenses. Either way, you are going to benefit since you will not live in a house filled with problems.
Prove your capacity to pay
You can tell the owner that you are willing to buy the property if you receive a significant discount on the price, and you are capable of paying for it now. You either have enough cash to pay for the property, or you have already arranged mortgage approval. It would be difficult for the owner to not agree.
Point out the price of other nearby properties
You can tell the owner about the price of other properties nearby without being annoying. You can politely point out how much the other places cost so that you can get a substantial discount. Do not threaten the owner though by saying that you are walking out of the door now if you do not reach an agreement, especially if there are other potential buyers who attended the open house. You need to find the right time to point out what you know about properties in the area.
Always show up
If you have already asked for a discount and the owner refused to give you the price you want, you can wait until the next open house. At that point, the owner might be open to the idea of negotiating with you. If they had secured a buyer the first time, the second open house would not be happening. If you still fail to get what you want, you can always go back for the next open houses until the owner has no choice but to give in to your demands.
You can also find more information regarding property prices at www.beresfords.co.uk if you wish to have good local house price knowledge to bargain with.