To Negotiate with Sellers

Negotiate with Sellers: Buying a home is one of the most important purchases most people will make. In order to make the right decision the first time, potential buyers need to be prepared. The first step is to get pre-approved for a home loan. The next step is to work with a 'buyer's agent'  to find the best home that fits your criteria. Then  you're ready to make an offer. Consider the following before starting negotiations

Be Prepared: Research the housing market in the target area. As your agent, I can provide you with valuable market information. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as:

• Why is the homeowner selling?
• How long has the home been on the market? 
• How much did the seller pay for the home compared to the current asking price?
• What is the seller's timeframe for selling and moving? Does it fit within your needs?
• Are there any defects in the home or problems with the surrounding neighborhood?

As the potential buyer, you want the advantage. While you want answers to all your questions of the seller, reveal very little about your circumstances. Do not give the seller personal information such as your income, the maximum you are able to pay for a down payment or the home, or when you want to move. Make sure that your agent knows not to reveal any such information to the seller or his/her agent.

Also, do not let the seller see how much you want the property. If you appear desperate or overly enthusiastic, the seller then has the stronger bargaining position. When meeting with the seller or listing agent, keep your emotions in check.

Establish a Timeline: Find out if the seller needs to have the sale closed sooner rather than later. If the seller is feeling pressured to sell, use that to your advantage in negotiating. Even if you, the buyer, are the one with the deadline for purchasing a home, don't let yourself be rushed into making concessions or a purchase you may regret later.

Please email me or call me directly to discuss any of these matters in further detail; or to allow me to guide you through the process. Every buyer should have professional representation, just as the seller does with the listing agent. Remember, it doesn't cost you, the buyer, anything; so there's simply no reason for you to do it all on your own.