One of the tasks your Realtor is in charge of is negotiating on your behalf. When you are buying a home, it can seem like there are so many steps, most of which are not as much fun as the initial stage of looking FOR the home! When it comes time to negotiate your real estate contract, make sure your Realtor is doing everything they need to.
Here are eight ways you can learn to negotiate in real estate:
MAKE A REAL OFFER.
It may be tempting to “lowball” your first offer so you can end up with the best deal and offer more room for the negotiation process, however there is nothing that will sour the deal quite so fast as to offer an amount considerably lower than what the home is currently listed at. The other scenario that will possible turn off a seller is to ask for all of the eggs to be in your basket by requesting contingencies that are difficult.
UNDERSTAND WHY ARE THEY MOVING.
While this information isn’t always readily available, the seller’s reason for moving comes into play when it’s time to finalize the sale price, the date of closing and even whether they will offer closing cost assistance. If your Realtor knows whether the home is on the market “just to see what happens” or if they are already out of the home because their job transferred the family, that can create a big difference in how you proceed with your offer.
BE PATIENT AND FLEXIBLE.
The process of buying a home can be very quick or in some cases, it can take quite awhile. When you begin searching for a home, remember to be patient and always look at every option available to you. This sometimes means continuing to look at other available homes even when you’ve put an offer on the table for one property.
KEEP YOUR HEAD STRAIGHT.
The process of buying a home, putting in an offer, and going through the negotiation period can be stressful. Because it is a personal thing to you and your family, it can be very easy to get frustrated through the process, and both sides of the transaction have entirely different priorities. Try to keep a level head and look at it as a business transaction. Both sides need to come to the table and meet somewhere in the middle. Your Realtor will assist with the process of meeting common goals, however, don’t turn the negotiation process into a war.
STAND YOUR GROUND.
Know what your non-negotiable items are and be prepared to walk away if the other side can't agree. Don't compromise on your big non-negotiable items -- you may regret it later.
RESPOND TO COUNTER OFFERS IN A TIMELY MANNER.
Nothing is worse than waiting on pins and needles- for either side! Make sure that you respond back to counter-offers within 24 hours or less- it's just the right thing to do! Even if your market has longer time frames that are allowable for response times, put yourself in the seller's shoes. Sooner is usually better!
LET IT GO, LET IT GO!
So, the fence is broken in a few places. The front door doesn't quite latch. Would it be great if they fixed it? Absolutely. But if they say no - is it worth making the whole deal fall through?
IF THE DEAL DOES FALL THROUGH, TAKE SOME TIME AND RECOVER.
So that one just wasn't the "one." But the perfect home just for you is out there! Don't lose faith, and be sure to remain optimistic. Take a few days to grieve and process your feelings and then get right back out there! You WILL find your perfect home!
Stay tuned for more from us on the topic of navigating the real estate journey, with your best foot forward!