How to Put In An Offer

[Christin Nguyen]

Hey everyone,

So I'm now in a position where I have a conventional loan, property I want, and decided I want to put an offer in.

I am not using a realtor so I will be doing all the negotiations myself which can be intimidating for a first time buyer! What are the best approaches to this? What works and what doesn't?

The seller is asking 190k and I'll still need  to do renovations to make it livable so about 20k added for that. I ran comps in the market we are in and some places are charging similar to what he’s asking, but these places are already rentable. similar to what he’s asking, but these places are already rentable. How do I go about doing a negotiation without insulting him but also getting a good deal for myself?

[Taj Akinbode]

Christin, There's definitely a lot of benefits to using an experienced realtor who can negotiate hard on your behalf. However, Since you're not going that route, one of the tools you can use to negotiate is an inspection report, but most of the time, you can't get the chance to negotiate hard without having a skin in the game. You do this by putting in an offer first along with depositing option fee and earnest money. Once these are done, you can order an inspection ASAP and use the necessary repairs identified in the report as a means to negotiate and win some concessions from the seller. The only thing you will sacrifice is the option fee. You're going to lose that money if you pull out of the deal. Don't make it too large.