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Back to the comfortable Shenandoah Valley and home-sweet-home, Virginia, and it is time to buckle down and get the eyes on the prize, negotiation!
Many books have been written about negotiating, and you should read one. In general, disclose as little as possible about yourself and learn as much as possible about the seller. The more you know about the seller and the less the seller knows about you, the stronger your bargaining position will be. You should also be patient, polite and act understanding of the seller's needs, while being firm about your own.
Finally, find out what the seller's deadlines are (date being transferred out of town, date contract on seller's next home will expire, etc.), and let them force the seller to come to you. The closer the seller is to his or her deadlines, the more concessions you will get.
Four other rules of good negotiating should be mentioned: (1) if you aren't willing to risk losing the house, you will not be able to negotiate as well; (2) get the seller, and his or her agent(s) to invest as much time in you as possible, which will make them concede more if it looks like you are going to go away; (3) the longer an agent has been working on the deal, the sicker he or she will be of it and the more he or she will pressure the seller to make concessions to you; and (4) set a top limit in your mind that you will pay and stick to it.
The concessions you will get from the seller may also depend on other factors such as: how well homes are moving in general; how long the seller's home has been on the market; whether the seller is trying to buy another home; whether seller is in distress; whether you can make an offer that will not require the seller to hold paper; whether you can make an offer that does not hinge on something iffy, like selling your home; how much the seller has in the home; whether there is a competing buyer, and so forth.
If you are buying a newly-built home, find out how many unsold homes the builder has. The more houses there are, the weaker the builder will be.
Many books have been written about negotiating, and you should read one. In general, disclose as little as possible about yourself and learn as much as possible about the seller. The more you know about the seller and the less the seller knows about you, the stronger your bargaining position will be. You should also be patient, polite and act understanding of the seller's needs, while being firm about your own.
Finally, find out what the seller's deadlines are (date being transferred out of town, date contract on seller's next home will expire, etc.), and let them force the seller to come to you. The closer the seller is to his or her deadlines, the more concessions you will get.
Four other rules of good negotiating should be mentioned: (1) if you aren't willing to risk losing the house, you will not be able to negotiate as well; (2) get the seller, and his or her agent(s) to invest as much time in you as possible, which will make them concede more if it looks like you are going to go away; (3) the longer an agent has been working on the deal, the sicker he or she will be of it and the more he or she will pressure the seller to make concessions to you; and (4) set a top limit in your mind that you will pay and stick to it.
The concessions you will get from the seller may also depend on other factors such as: how well homes are moving in general; how long the seller's home has been on the market; whether the seller is trying to buy another home; whether seller is in distress; whether you can make an offer that will not require the seller to hold paper; whether you can make an offer that does not hinge on something iffy, like selling your home; how much the seller has in the home; whether there is a competing buyer, and so forth.
If you are buying a newly-built home, find out how many unsold homes the builder has. The more houses there are, the weaker the builder will be.
posted by MadBrook, Inc. at 8:43 PM
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