How to Negotiate with a Home Seller & Get the Best Deal on Your New Home

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Want to get the best deal on your new home? In this video we will give you some great tips on How to Negotiate with a Home Seller, which could save you thousands on your new home! Want more home buying tips visit www.RealEstate.com/advice!


When I mention "currency," what picture pops into your head? If you're like most of us, you'll envision a pile of gold coins or stacks of paper money.

We often forget that in the 21st century information has become a form of currency -- especially in negotiating the price of a home.

Negotiating Requires Information

Go into the purchase negotiations locked and loaded with as much information as you can gather. First, have your agent prepare a market analysis.

Known as a comparative market analysis or CMA in real estate lingo, it is a compilation of homes similar to one another in size, age and location - adjusted for differences in amenities - that have sold over the past three to six months. The sales prices of these homes, when compared to the one you're interested in purchasing, will give you the home's market value.

Look carefully at the section of the CMA that mentions "days on the market," or DOM as it is called in real estate circles. This number is important because when a home has been sitting longer than the market average (ask your agent for this number), a lower offer is more likely to be accepted.

Negotiating Requires Answers

Buying a house is a huge purchase -- one of the biggest you'll make in your lifetime. That said, you'd be surprised how many buyers go into the process without doing any research whatsoever. Many folks research new cars more thoroughly than they do houses.

Remember, information is your friend and you can never have too much of it.

You may not get answers to the questions you should ask, but ask them anyway. Here are a few things you should snoop around about:

Is it Vacant? If the home is vacant, it's a safe bet that the sellers had to move on with their lives and most likely can't wait to get rid of a house payment on a house they don't even live in.