Alright folks, listen up! Today we’re gonna talk about how to negotiate with home sellers like a real estate mogul.
I’ve been negotiating deals for decades, and I can tell you that there’s a right way and a wrong way to do it. So, let’s get started.
First of all, you gotta do your homework. Before you even start negotiating with a home seller, you need to know everything there is to know about the property.
You need to know its value, its flaws, and what other properties in the area are going for. You can’t just walk in there blind and expect to come out on top.
Remember, knowledge is power.
Now, when it comes to negotiating, you gotta be tough. You can’t be afraid to walk away from a deal if it’s not in your best interest.
But at the same time, you gotta be respectful. You can’t go in there with an attitude and expect to get anywhere.
You need to build a rapport with the seller and show them that you’re serious about buying their property.
Let’s say you’re negotiating with a home seller and they’re asking for a price that’s way too high. What do you do?
Well, you start by pointing out the flaws in the property.
Maybe the roof needs to be replaced, or the plumbing is outdated. Use those flaws to your advantage and negotiate a lower price.
Negotiate With Home Sellers Real Examples:
Here’s an example of how I would negotiate with a home seller:
Seller: I’m asking $500,000 for this property.
Me: $500,000? Are you kidding me? The roof needs to be replaced, the plumbing is outdated, and the landscaping is a mess. I’ll tell you what, I’ll offer you $400,000 and that’s my final offer.
Seller: I can’t go any lower than $450,000.
Me: Look, I’m not here to waste your time. I’m serious about buying this property, but I’m not gonna overpay for it. $400,000 is my final offer. Take it or leave it.
See how that works? You gotta be firm, but also respectful. And you gotta know when to walk away. If the seller isn’t willing to budge on the price, then it’s time to move on to the next property.
Another thing to keep in mind when negotiating with home sellers is that you can use other properties in the area to your advantage. If you know that similar properties are selling for less, then you can use that information to negotiate a lower price.
For example:
Seller: I’m asking $600,000 for this property.
Me: $600,000? That’s way too high. I know for a fact that similar properties in this area are selling for $500,000. I’ll offer you $450,000 and that’s my final offer.
Seller: I can’t go any lower than $550,000.
Me: Look, I’m not trying to be difficult here. I’m just trying to be fair. $450,000 is my final offer. If you can’t accept that, then I’m gonna have to move on to the next property.
Remember, you gotta be tough but also respectful. You can’t bully the seller into accepting a lower price. You gotta negotiate in good faith and find a solution that works for both parties.
One more thing to keep in mind when negotiating with home sellers is that you can use your own strengths to your advantage. Maybe you’re pre-approved for a mortgage and can close quickly. Maybe you’re willing to make a cash offer. Whatever your strengths are, use them to your advantage.
For example:
Seller: I’m asking $700,000
Me: $700,000? That’s a bit steep for me. However, I am pre-approved for a mortgage and can close within 30 days. I’ll offer you $600,000, but I can guarantee a quick and hassle-free closing process.
Seller: Hmm, that’s a tempting offer. But I was really hoping for something closer to my asking price.
Me: I understand that, but you have to consider the value of a quick and easy closing process. No one wants to deal with a lengthy and complicated closing process. Plus, my offer is still $100,000 higher than the offers you’ve received so far. Think about it.
By highlighting your strengths, you can demonstrate that you are a serious and qualified buyer. This can help you negotiate a lower price or other concessions from the seller.
In conclusion, negotiating with home sellers requires a combination of preparation, confidence, and respect. Do your homework, be firm but respectful, and use other properties in the area and your strengths to your advantage. Remember, the goal is to find a solution that works for both parties. And most importantly, don’t be afraid to walk away from a deal if it’s not in your best interest.
Now get out there and negotiate like a pro. Trust me, with a little bit of home-style negotiating, you’ll be buying your dream home at a fair price in no time. And, negotiate with home sellers will be easier than ever.