Many homeowners, especially if they are new to the home buying market, are surprised to see just how much negotiation goes into the home buying process. Not only do you have to negotiate for the sale price, but you also have to negotiate a lot of small details that go into a home sale as well. If you reach a stalemate in negotiating with a home’s seller, here are some tricks to help you move past the stalemate and come to an agreement that is in your favor.
1. Leave the Emotions Behind
It’s your dream home. You know that. The buyer probably knows that, too. Yet somehow you have to be able to leave your emotions at the door. Before you enter the negotiations, get rid of the emotions. They will cause you to make mistakes or give in to offers that are not in your favor.
2. Make Reasonable Requests
Sure, you might want all new carpet and the appliances to stay and the curtains to stay, plus a $20,000 reduction in price, but that’s not reasonable. If you want t win the negotiations, make your requests something the seller can reasonably provide.
3. Think Outside the Box
If the price is too high, and the seller won’t move, get creative. Sometimes you can get the seller to concede other things, like closing costs or extra funds for carpet replacement, if you agree to the price they want. In the end you will come out on top by putting these costs on the back of the seller, and the seller will be happy because they “got the price they wanted” for the home.
4. Know When to Walk Away
One of the most powerful tools in the negotiator’s back pocket is the ability to walk away. If you can simply say “no” and move on to the next real estate opportunity, you will hold the power in the negotiations. If the seller is being too stubborn and you walk away, you just might get a phone call indicating that they were willing to make a change, after all.
Negotiations are a big part of the home buying process, and they can feel a little stressful. With the right skills in place, you will be able to handle them with ease, coming out on top. As you enter the home buying process, the Henderson Properties team will be there to help make it as smooth as possible, guiding you through these negotiations with ease.