Negotiating | Buyer
Negotiating is a huge part of the home buying process. I will negotiate on your behalf, bringing to the table years of experience and local expertise. There are some principles that are universal when it comes to the negotiation process.
You’re in a strong bargaining position if:
- You’re an all-cash buyer
- You’re already pre-approved for a mortgage
- You don’t have a home that needs to be sold before you can buy
- You’ve seen the property (all buyers on the purchase offer have seen the property)
- You offer a quick close, or a closing date that the seller prefers
- You are the only buyer with an offer on the table (not a multiple offer situation)
- You can sweeten the pot by offering terms that are important to the seller
These circumstances give you a little more leeway in negotiating. However, even if you are in a strong position, in a “hot” market, you may want to make your offer more desirable by offering more than asking price.
When the market is “soft,” homes tend to sell more slowly, creating a larger pool of homes from which to choose.
On the other hand, when the market is “hot,” there may be a limited number of homes to visit and the demand for them may be high, so positioning your offer will take skill and experience to beat out other buyer competition.
Overall, here are some suggestions:
- Enter into negotiations with the maximum amount you are willing to pay for the property firmly in mind.
- Keep in mind (and add to the contract) some terms you can live without – then you can make concessions without compromising the items that are important to you.
- Always have a few alternative homes in mind – knowing you have other options will help you stay objective during bargaining and may encourage the seller to be more reasonable.
- Try to ascertain what the seller wants and needs. If, for example, the seller’s new home is not ready by the closing date, you might consider allowing the seller to rent back the home for a short time, provided your schedule permits.
- Terms may be negotiated as well as price, and the changes can result in financial savings.
- Don’t over listen to friends, family, or co-workers as to what they did to get buy their homes. Keep the voices in the negotiation discuss to you and your local Tahoe agent. Negotiation strategies change as market conditions change. While you well- meaning friends and family want to help you, buying today is different than buying from 6 moths ago, 2 years ago, 10 years ago, you get the idea. Your Tahoe Buyer’s Agent should have the experience, skill, and expertise to give you good counsel and advice to position your offer in the best possible light. Listen to the advice given and make the best decision you can given the current market conditions.