Negotiating Techniques – Buying a Home
While negotiation techniques vary widely from transaction to transaction, here are the basics to protecting your interests while writing an offer for your choice property:
- Never tell the listing agent or the seller how much you like the property! It’s important to view the property without the seller or their agent being present. Having your buyer’s agent present is the best way to avoid contact with the seller’s side.
- If you decide you like a property and want to pursue writing an offer set up a second showing. Setting up a second showing allows you to show interest to the seller at a reserved level of excitement. If you see it once and write an offer instantly they may think your committed to the property. However, on well priced listings that are new to the market it may be best to write immediately in order to avoid a competitive-multiple-offer situation.
- Write a list of items that are detrimental to the sale of the property. If you have children or animals and the yard isn’t fenced bring it up as an issue! Even if the property seems perfect for you, bringing up negative issues by having your buyer’s agent share them with the seller will help establish a lower level of buyer excitement in the eyes of the seller and help you save money and get better terms.
- Have your buyer’s agent research the local market’s current conditions. Not only will this help you determine the best price to offer, this information can also be used to support a low offer and can be included in offer to purchase. By including past sales and current inventory data with your offer to purchase the seller will have little choice but to consider these facts.
- Include your pre-qualification letter with your offer. This will solidify your ability to purchase the property in the eyes of the seller. If the seller is motivated, they will go to great lengths to keep you interested.
These are the basics in keeping a strong negotiating position. Each buyer and each house is different and subject to many different strategies. Consult with me as your buyer’s agent and develop a negotiating plan prior to submitting any offer!
These are obviously the very basics of negotiating a new home purchase and should never be considered a substitute for using a qualified agent to represent your interests. Please Contact Me with any questions and to have us help you buy your next home.