Here are some tips that you should follow when you negotiate with a seller. Remember, negotiating is a subtle art in real estate. Using the right tactics can help you land a great deal. On the other hand, the wrong ones will land you a bad one - or none at all.
1. Don't offer a price that's way below market value.
Sellers offer their property within a reasonable price range. If your offer isn't even close to the lowest price they're offering, they might not consider it. Offering a lowball price is insulting to the seller and damaging to the buyer's credibility.
2. Don't negotiate the price incrementally.
Negotiating the contract price in small increments ($1,000 or less) might cause the seller to lose patience and consider other opportunities instead.
3. Be flexible.
Negotiations require a degree of flexibility. If you insist the seller to take your initial bid, he or she might get defensive and look for a better deal elsewhere.
4. Don't nitpick too much.
If you insist on lowering the price based on minor repairs, then your negotiation might reach a stalemate. You can only request the seller to adjust the final sale price if you find parts of the house that require major repair.
5. Don't ask for too many add-ons.
Don't request for add-ons like furniture or appliances that are not on the listing. The seller might think you're greedy and build up resentment.
Hire an agent who is an expert in negotiating to help sell your home!
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