Motivation
Why is the homeowner selling?
If they're moving because they find the area undesirable, you might want to consider this issue.
How to Negotiate with Sellers (Duplicate)
Buyer Guide · Waltham, MA
How to 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. Consider the following before starting negotiations.
- 3 steps
- 5 questions to ask
- Buyer representation
Dave DiGregorioColdwell Banker RealtyWaltham, MA
01 Research
Be prepared
Research the housing market in the target area. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as:
Time on market
How long has the home been on the market?
If it has been on the market for a long time, perhaps there are negative facts about the property that you need to know.
Price history
How much did the seller pay for the home compared to the current asking price?
If the seller paid more, find out why. Was it a general real estate trend, or did property values in that particular neighborhood go down?
Time frame
What is the seller's time frame for selling and moving?
Does it fit within your needs?
Condition
Are there any defects in the home or problems with the surrounding neighborhood?
For example, is the roof so old that it will likely leak during the next storm? Is there a new construction project in the area that will lead to major traffic congestion?
02 At the table
Keep the advantage
As the potential buyer, you want the advantage. While you want answers to all your questions to the seller, reveal very little about your circumstances.
Personal information
Reveal very little
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.
Emotions
Don't show how much you want it
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.
03 Timing
Establish a timeline
Timing can shift the balance of a negotiation. Know whose deadline is driving the deal.
Ask about the seller's deadline
Find out if the seller needs to have the sale closed sooner rather than later.
Use the pressure
If the seller is feeling pressured to sell, use that to your advantage in negotiating.
Don't get rushed
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.
Buyer articles
More before you buy
Waltham, MA
Questions before you make an offer?
Contact Dave DiGregorio of Coldwell Banker Realty if you have questions and would like to discuss further.
