Getting a Seller to Take Less Than Asking Price
Negotiating a property to the best possible price is one way to build Instant Equity into your property. Buying for the right price is key to your Real Estate Investment.
Negotiate From a Position of Power.
The art of negotiating in Real Estate has been diminished to a back and forth game of matching each other's counter-offer until you meet in the middle. You must first identify the actual value of your perfect property, then illustrate ways that the subject property is not actually perfect. It’s the combination of those imperfections which justify a lower than market value offer.
Make it OK for the Seller to Discount the Sale Price.
Sellers are proud of their properties. "Low-ball" offers make them less apt to sell even at market value to that buyer, much less below. Allowing the seller to feel good about you as the buyer can often give them permission to agree to a lower sale price.
Keep It Clean.
Sellers have an expectation of their costs when selling a property. Instead of coming in and offering a low price and asking for a laundry list of other concessions (home warranty, closing costs paid by seller, etc) consider paying for these extras yourself. Add up the costs for these items and factor those costs into your offer price. If you could spend $2000 extra up front and get the property for a $5000 lower sale price would that make it worth it to you? The seller may very well be more agreeable to your offer since they think they are not being "nickeled and dimed" on all the little things.
Do What You Say You Will Do.
When you say "this is my final offer" - make sure it is truly your final offer. If the offer gets rejected and you come back again later with another offer, the negotiation leverage has shifted to the seller. When you walk away and come back 24 hours later with the same offer, the seller is much more likely to agree to close the deal.
Offer The Closing Argument.
Similar to the presentation of your offer this gets presented with your final counter-offer. The set-up came with the original offer. Now it's time to re-introduce yourself and separate you from other potential buyers. It’s an opportunity to thank the seller for negotiating and inform of your intent to move on to your "Plan B" unless you get a YES to your counter-offer.
Let me be your guide to purchasing a home in Myrtle Beach. Please refer to my Buying a Home page for greater detail about my process of helping you purchase the perfect home at the best possible price.
Let's work together.
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ASHLEY DELONG | REALTOR© |
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