General Question

andrew's avatar

Any advice for a first-time home negotiation and onward?

Asked by andrew (16258points) April 18th, 2008

I’m in the middle of negotiation to buy my first place. It’s stressful. What tips and tricks have you learned about buying a home? Any pitfalls you’ve found? Funny stories?

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7 Answers

PupnTaco's avatar

Get a full inspection. If you don’t understand anything in the paperwork, ask before you sign.

And keep your perspective.

simon's avatar

I’ve bought two so far with no assistance other than a lawyer, never a good idea to sign that many papers without a professional over my shoulder. Next time I’m getting a real estate agent to do all the leg work for me and they know all sorts of things you or I would never think of (home inspections, cleaning services, resale value). Get references for an agent and lawyer from friends & family. They want your business, go interview them.

Definitely get a home inspection, you might even get the seller to pay for it.

Other than that, turn on everything and then go talk to the neighbors. They are going to be your neighbors soon.

srmorgan's avatar

You have visited the new neighborhood several times I am sure during the day.

If you don’t know what the street is like at night, and particular around the times you want to go to sleep, especially on the weekends, it might be worth a trip to see what’s what.

For example, a quiet tree-lined street, looking quaint and comforting on a Saturday afternoon, might appear to be lonely and desolate at midnight during the week, just when you are coming home from a late shift.

Or the great restaurant 50 feet down the street might be a biker bar on the weekends with all the racing machines drowning out your attempts to get peace and quiet, or maybe the grease trap or ventilator on the restaurant next door makes a racket at 2 in the morning..

Just a thought, especially in an urban environment. If you are moving to the “burbs, it’s not that big a deal.

SRM

simon's avatar

Yes cruise the neighborhood at all hours, I’m used to the trains that roll by at weird hours in the middle of the night now. You’d be amazed at how far that sound travels. The tracks are about a half mile from my bedroom window and I can hear them quite well.

gooch's avatar

Also visit after a heavy rain to see if the area floods. Definatly don’t rush they may even go down to close the deal. Don’t be afraid to ask them to reduce their price all they can say is no or counter offer.

YARNLADY's avatar

@andrew Let us know how it went, and what you wish we would have told you.

SpatzieLover's avatar

@andrew What I do when I want a home:

*Walk the neighborhood at all hours and drive thru at various weather conditions
*Always buy a home “on sale” not at retail value
*Do not fall in love with a home, but instead love the neighborhood and cruise it until a home in the price range I’m willing to shell out becomes available.
*Take into account how much it will cost and how much time it will take to get it into the condition I’m willing to live within the home into account and take that amount off of the sale price.
*Look closely at the neighbors homes and their behavior.

Good luck with your offer! Hope it goes your way!

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