Don't Go Too Low When Buying a Home

by Mary Ann Romans | More from this Blogger

16 Mar 2009 03:51 PM

We all know that it is definitely a buyers market right now. Anyone who is a good qualified home buyer has the opportunity to get so much more for their money today. Desperate home owners are throwing in all sorts of perks with the sale of their home, from free lawn service to fully stocked media rooms.

With the situation being what it is, it may be tempted to make a really low offer on the house that you love. But this can wind up backfiring on you. A really low offer risks insulting an isolating your sellers, and it is a sure way to close the door an any negotiations. The sellers are most likely very aware of the value of their home in the current market and may already have lowered it accordingly. That is not to say that you couldn't pay less than the listing price, just that a fair offer leaves the door open. You can always go a little lower than you think the home is worth, but be careful about going too far.

To make a fair offer, it is helpful to have your buyers agent do an analysis of the house to determine the fair market value. It is best if your analysis includes the most current recent sale prices of comparable houses in the area. The market keeps changing, so getting the most up to date information is important.

While sellers may not be willing to go to low on price, there are other considerations that they may agree to that will in fact save you a lot of money. The sellers may be willing to purchase a home warranty, for example, that could save you thousands of dollars in repairs after you are in the home. They may also be willing to throw in certain perks, such as the ones mentioned above.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, creating a home in the Home Blog, caring for little ones in the Baby Blog and now relationships in the Marriage Blog. You can read more of her articles by clicking here or subscribe to the blog using the subscription box on the right.

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Don't Do These Things Before Buying a Home!

Learn more about Mary Ann Romans

Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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