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How to negotiate a property price?, For first time house buyer
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idoblu
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Sep 2 2016, 04:37 PM
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telling them your budget doesn't mean that's your offer price to buy, right? Maybe they just want to know your ballpark figure instead of waste each other time. If they say that's the price, cannot nego further then go look for another unit.
Sometimes got a few agents dealing with the same property, try asking a few.
This post has been edited by idoblu: Sep 2 2016, 04:41 PM
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idoblu
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Sep 2 2016, 05:00 PM
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QUOTE(MEngineer @ Sep 2 2016, 04:46 PM) How I see it is if I tell my budget then it can be used against my advantage when negotiating. Interesting though why property agents think that there are many people go view houses for the fun of it. It also waste my time if I am not interested to buy right. Yeah agree I found other agents for the same property. Not end of the world but eye opener to me in property negotiation. You be surprised how many people actually go see house just for fun or beyond their budget. Now I'm not saying you are and I'm not an agent but I tried selling my own house before, that's how I know. There is also a reason why some can't reduce their price. For my case, I wanted 1.2m, so I advertised slightly higher than that. I can't advertise 1.3m cause nobody would even look and I can't advertise at 1.2m cause that's my bottom. Anything over a million is not easy to sell. There's not much room for negotiation. If they ask for your budget, just say a number below their asking price. But don't say few hundred thousand below asking la.
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idoblu
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Sep 2 2016, 05:33 PM
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QUOTE(MEngineer @ Sep 2 2016, 05:06 PM) Is it possible if agents hike up the price without owners knowledge? If that happens it will give a false impression that the buyer just come see see. So how did your negotiation process? Did you finally find a buyer who viewed and straight away agree with your price? Of course! Every agent on earth will want to hike up the price except for my stupid agent. She put lower than what I wanted. Some small taman/project they can even pakat to maintain a certain price. Eventually mine sold by another agent. What kind of house you looking at? How many storey
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idoblu
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Sep 3 2016, 07:07 AM
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QUOTE(MEngineer @ Sep 3 2016, 06:48 AM) I just tried your strategy. I gave an agent my price range for example purposes max 1.8M. The agent replied got one house listed RM2mil can nego. So I gave it more thought nego means RM2mil max can become RM1.8M sounds like it is just tailored to my budget. This was exactly what I wanted to avoid no room to nego. Smack on my max budget. Then agent complain if I nego below 1.8M. I am looking at new landed property, two story corner or end lot. Oh I thought you are looking at a particular place, like you already set your target on a particular project.
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idoblu
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Sep 3 2016, 07:57 AM
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QUOTE(MEngineer @ Sep 3 2016, 07:46 AM) How to get bank valuation? Do I need to show that I have at least made a booking to purchase a property? No need valuation. Once you narrow down your search, and you are certain of a particular project, then approach your loan officer, they can check passed transaction prices. They can more or less tell you how much loan they can give. At the same time you can also get them to "pre-approve" you
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