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The Price Is Right

What's the right price to agree upon or should I negotitate?  Will they accept my offer?  Are there going to be competing bids, a number of people are interested in the property?

Well, the price really depends upon what you can afford and how much interest you want to pay over the long haul. Take a look at the amortization tables and weigh your property taxes, insurance, principal payment, and interest.  Also take a look at the art of negotiating.

For new investors, don’t jump into something that will put you at risk right off the bat.  Start off with something small and build your reputation so to speak, with your lender, other real estate agents, and in terms of your overall credit. If you bite off more than you can chew you might have to spit it out.

Some buyers like to give an owner a short window of time to make a decision when they place an offer.  Maybe this potential buyer has another home they want to buy if this one falls through.  Or, it's just a tact to get the seller agree to their price.  That’s not a bad strategy, so don’t get so emotionally tied to one property, have others waiting in the wings, since owners will use this strategy as well. 

Much like a student, whose applying to colleges, there's the first, second, and third choices. The first offer might be rejected and a counter offer passed along to you. I wouldn’t panic or get fixated on one property or one price—when you are flexibile usually things will work in your favor.

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