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Negotiating Tips for First-Time Home Buyers

Set Your Priorities Early: Know what is really important to you as a home buyer and know what the home and contract terms are worth to you.

Know Your Local Environment: Ask your agent to provide local information to you such as the recent sold prices and average days on market for similar homes.

Get The Inside Scoop: Ask your agent about valuable transaction specifics such as if the sellers need to move quickly.

Solve Problems for All Parties: It is best to approach a negotiation as an exercise in problem solving with the aim of meeting the needs of all parties, as buyers have to consider banks, appraisers, property associations, etc.

Bond With Your Bank: Work in advance to make sure that your deal does not die at closing due to the financing falling through. Work with your agent and mortgage broker to secure a back-up plan.

Manage Your Mindset: Lean on your agent for objective support and try to be the least emotional as possible to avoid panic or caving in.

Learn The Negotiables: Find out what is within and without of each party’s control. Avoid haggling in areas that are not even negotiable.

Minimize Time Pressures: Plan and search early when possible, locate temporary rentals, develop a Plan-B for any last minute hurdles.

Act & React Quickly – Not Impulsively: Time is always of the essence, prolonged hesitation results in lost opportunities, and keep in mind that there are competing buyers and changing interest rates!

2625 East Indian School, Suite 110, Phoenix AZ 85016 Contact: Royce Munroe Phone: (480) 788-7096

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