The recent slowdown in economic activity has made everyone weary of spending.
Everyone everywhere is trying to save as much money as possible.
One of the ways in which people can save money is through achieving discounts during financial transactions.
Real estate activity is no exception to this rule.
Whether you are buying a house or a property for investment purpose, you want to obtain as much discount from the seller as possible.
The seller, on the other hand, tries to collect as much cash from you as possible.
If you find yourself in such a situation, there are some steps that you can take in order to maximize the amount of discount from the seller and save as much money as possible in a real estate deal.
Some of those steps are as under: Be bold It's a common formula that one shouldn't haggle too much over the price of a desired item.
Like most of the formula, it simply not true.
It's perfectly normal to bargain over the price of a property.
You should be bold enough to let the seller know how much you can afford for a certain house or a piece of land.
Be practical The whole point of bargaining is that the final price must be acceptable to both parties; the buyer and the seller.
You simply cannot strip the seller of a reasonable margin of profit on the transaction.
Keeping this in mind, your offer or counter offer must be rational.
You must not offer an amount that is far below the initial price of the property.
This will irritate the seller and your chances of getting a discount will, altogether, vanish.
Find out and bargain with the right person This is the key to a successful discount negotiation.
Not everyone, in any deal, real estate or otherwise, is authorized to make a discount.
The right person to talk to, in a real estate, deal is the owner of the property since an agent or a broker only has a benchmark within which he must cut the deal.
The owner is the person who can actually decide at what price he will finally settle.
Bargaining with an agent or a broker will not get you anywhere.
Seek the owner and talk to him.
This can get you a great margin of discount.
Don't insist upon an amount Naturally, the owner will also quote certain amount at which he will let go of the property while you are negotiating with him.
Look out for such an amount and if it seems fair enough, and within your reach, accept it.
Do not insist upon a number that you want.
The amount quoted by the owner may be his last offer.
If you are being stubborn, you may lose a the chance of getting a property at a reasonable price Be prepared to let go If it seems to you that the owner has stuck to a price which is not within your reach, pull out at once.
There is no point in wasting your time on a property that you cannot afford.
You can always buy another property at a reasonable price from someone else.