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How to negotiate your purchase price | Premier Lending - Home Loan Specialists

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How to negotiate your purchase price

Premier Lending - Home Loan SpecialistsHow to negotiate your purchase price

Don’t Go Straight to the Bank! Give yourself Choice!

Searching for a home loan may not be hard, but understanding all the finer details can be.

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No one wants to feel like they’ve been taken for a ride, so when you’ve found the right property, how do you get it for the right price? Here are some things to consider when it comes to purchasing negotiations.

Do your homework
Property prices are influenced both by demand and how much other potential buyers are willing to pay. Before you make an offer, research similar properties that have sold recently in the same area. Also consider organising a pre-purchase building report, as any issues with the building may give you leverage to negotiate a lower price.
Investigate Investigate the seller’s motivations
It pays to investigate the seller’s circumstances. The more you know, the more negotiating power you will have.

Ask questions such as:
• “Why is the current owner selling?”
• “Have there been any offers?”
• “How long has the property been on the market?”

Keep your cool

Play your cards close to your chest and don’t reveal your position. This includes keeping the maximum amount you’re willing and able to spend confidential. Otherwise, the agent may try to push you closer to your maximum, even if your current offer is a fair one.

If you’re serious about the property, it might be worth making an offer slightly above estimated market value, as long as it is still within your means. But don’t risk significantly overpaying just because you’ve become attached. New properties are being listed all the time, so something else will always come along – and it might even be better.

Most importantly, try to keep your emotions separate from your negotiations. Don’t let competitiveness or fear of losing the property push you past your limit.

To make an enquiry online with our team, click here. Alternatively please feel free to phone us on 1300 558 887 during business hours.

About Us

At Premier Lending, we are experienced mortgage broking specialists, who are here to help you find the right loan for your situation. We are dedicated to creating personalised mortgage solutions that anticipate and meet the needs of our customers. We are a free, no-obligation service that will empower you to take control of your financial situation.

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