Be ready to walk away
As Benjamin Franklin said, by failing to prepare you are preparing to fail.
Although it might take you weeks to research and prepare to make your offer on a property, it could be rejected and over in a matter of minutes.
You still need to spend time preparing your figures and hope for the best that the vendor is willing to negotiate – but also be prepared to miss out if they are being unreasonable on price.
Ultimately you need to stick with your walk-away price, after all, you’ve done your homework and you know what that particular property is worth to you.
As the saying goes in Real Estate, ‘The Money is Made when you Buy, Not When You Sell’ in other words, the price you pay for the property is the main factor to determine how much profit you make later on.