When talking with the owner, you should find out the asking
price of the property. Ask
how he or she arrived at that price. Under what, if any, circumstances
could the price be reduced (for example: cash at closing within 30 days
or a pre-approval letter from your bank referencing your ability to borrow
the purchase money)?.
The owner may or may not be flexible in price. The only
way to tell is to make a reasonable offer that reflects your desire to purchase
the property, yet respects the owner’s need to make a return on the
sale. It should be the goal of both parties to make
the transaction a win-win. As the buyer, you should get property you feel
good about and owner gets an acceptable price in return.
When making an offer, visit the owner in person or by other
reasonable contact (your offer may not be considered if given over the phone),
with willingness to make a deposit and sign contract to purchase based
on those agreeable terms.
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