Seller's Weaknesses
Well into the negotiations, you should know what some of the seller's weaknesses are, but you can create additional ones for the seller to swing the momentum your way. One way is to let it be known that you are considering buying another home in Virginia, which creates an artificial deadline for the seller.
Real estate agents do this to buyers all the time saying, "Someone else is going to make an offer, you had better make on if you want the home!" But if a Virginia real estate agent says this to you, just back off for a while. If the home sells to someone else in a few days, the there was another buyer, then there was obviously another buyer. If it doesn't, then you are still in business.
Regardless, the last thing you want to do is get involved in a bidding war and run up the price. But, what if, you say, "It's the home of my dreams?" At that point, you'll need to balance the dream versus the total expense, because in this case, dreams get expensive. Nevertheless, this is a valid consideration that has cost many emotional buyers money.
Another way to create a deadline for the seller is to write into your offer that it will expire after twenty-four hours. Such an offer not only puts pressure on the seller to act quickly and, hopefully, not too wisely. It also restricts the seller's ability to shop your offer to another buyer that also might be interested in the seller's home.
Finally, if the negotiations get bogged down, you might try making a final take-it-or-leave-it offer. If the seller or Virginia sales agent really thing you are going to walk away after all of the time and effort that they have put into you, each will start thinking about making additional concessions to get an arrangement.
At this time, with the seller present, it would not be out of line to suggest that a deal might be struck if the agent would cut the sales commission for the agent so that the price of the home can be lowered. You could also write a lower commission into your next offer, however please be aware that the seller may not have the guts to suggest or accept reducing the agent's commission. They might not even know that commission are indeed negotiable at this point in time.
Real estate agents do this to buyers all the time saying, "Someone else is going to make an offer, you had better make on if you want the home!" But if a Virginia real estate agent says this to you, just back off for a while. If the home sells to someone else in a few days, the there was another buyer, then there was obviously another buyer. If it doesn't, then you are still in business.
Regardless, the last thing you want to do is get involved in a bidding war and run up the price. But, what if, you say, "It's the home of my dreams?" At that point, you'll need to balance the dream versus the total expense, because in this case, dreams get expensive. Nevertheless, this is a valid consideration that has cost many emotional buyers money.
Another way to create a deadline for the seller is to write into your offer that it will expire after twenty-four hours. Such an offer not only puts pressure on the seller to act quickly and, hopefully, not too wisely. It also restricts the seller's ability to shop your offer to another buyer that also might be interested in the seller's home.
Finally, if the negotiations get bogged down, you might try making a final take-it-or-leave-it offer. If the seller or Virginia sales agent really thing you are going to walk away after all of the time and effort that they have put into you, each will start thinking about making additional concessions to get an arrangement.
At this time, with the seller present, it would not be out of line to suggest that a deal might be struck if the agent would cut the sales commission for the agent so that the price of the home can be lowered. You could also write a lower commission into your next offer, however please be aware that the seller may not have the guts to suggest or accept reducing the agent's commission. They might not even know that commission are indeed negotiable at this point in time.
posted by MadBrook, Inc. at 8:04 PM
1 Comments:
Awesome blog!!! I am a regular visitor, all your posts are very informative and helpful, I must appreciate your hard work. I am looking forward to see your next post.
Thanks !!!!
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