How to Buy a House at a Rock Bottom Price
- 1). Request a thorough market analysis of the property you're interested in from your real estate agent. This will let you know if the house is priced appropriately and how much room, if any, you will have to negotiate a price reduction.
- 2). Have the home professionally inspected and tour the home yourself to look specifically for items that need to be repaired or replaced. You can cite the cost of needed repairs in your later request for a price reduction.
- 3). Hire a contractor to give you a written estimate for the cost of repair for items that need to be repaired or replaced. Add this amount to any amount the house is priced over market value.
- 4). Ask your real estate agent to request a price reduction from the sellers to compensate for repairs or replacement items. Make the request more attractive to the seller by offering to compromise and shorten contingency periods or even waive them. A contingency is any contractual provision that could result in the cancellation of the real estate contract; a contingency period gives the buyer a specified amount of time for such things as loan approval and property appraisal. Your agent can counsel you about which contingencies to remove.
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