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How’s Business?

By Joseph Palumbo III

You can find good real estate deals in Queens. There are many surfacing and they will get better during the next year. We are closing in on the bottom of the housing market, but are not there yet.

As a consumer, negotiate your deal from a position of strength. Never divulge your financial position and/or what you can purchase a property for. Ask many open-ended questions to the agent or potential seller about the home. You will probably find some fault with the property that will put you in a stronger bargaining position.

If asked about your financial position, say you have adequate funds to go forward and close if you decide to make an offer on the property. Go into more detail as time goes on. If people think you have more money, they will ask for it.

Do not trust anyone. Get everything in writing and do not sign anything until you have had your counsel review it. Defend yourself at all times. A verbal agreement is great at the beginning when everyone is on the same page and wants to go forward. Once the deal starts to progress, however, everything will not be great. What you were originally promised verbally will be misinterpreted.

So How's Business regarding negotiating the best real estate deal? Developing negotiating skills for buying a home and getting the best deal possible is worth the effort. Purchasing a home is a life-altering financial decision. The deal you strike will affect the next 30 years of your life. Listen twice as much as you speak. Also, you are not insulting anyone if you decide to take your time.

Reach Joe Palumbo at 516-248-0256 or [email protected].

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