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Sign into your account5 Tips for Home Buying Negotiations
May 04 2016
Your client has found their dream home, it's priced just right, and they're in a strong position to complete the real estate transaction. However, when it comes down to making that offer, you and your clients need to be prepared to negotiate if presented with a counteroffer. Follow these five tips to make sure the negotiations go well:
1. Act Fast
As soon as a counteroffer is made, it's crucial to act as soon as possible. Delays leave room for other buyers to step in, which can result in a bidding war. With other buyers interested, the seller will see that prospects are available who may be willing to pay closer to the asking price. If there is even a hint of a potential bidding war, an increase in possible selling price can occur, or worse, risk of losing the house. So, always act fast.
2. Let the Other Party Go First
However, if you have found yourself in a bidding war with another buyer, it could be beneficial to let them make the first move. Doing so allows you to set the mid-point in the negotiation, which will ensure that your client doesn't pay more than they have to in order to seal the deal. The other bidder's offer could also be better than your intended counter, which could result in a loss of sale. So, if other buyers are placing offers, let them make the first move—and then come back with a counteroffer that surpasses theirs.