As a home buyer, wouldn’t it be nice if there were signs to tell you when a seller might be open to negotiating the price or terms of the contract? There are a few signs; if you are buying a home in the Charlotte area, look for these home selling secrets that can give you some negotiation power.
The home is vacant.
If a home is vacant, the seller probably has two mortgage payments. If they have a choice between a fast closing with a lower sales price or a closing date that is further out at full price, they’ll usually look closely at the offer with the shortest escrow/contract period. If you are making an offer on a vacant home for less than the asking price, try to give the seller the shortest escrow/contract period possible.
Seller Tip: Consider home staging to get the best possible offer for your home.
Back on the market
Your Realtor will be able to tell you if a home has been under contract before. Listing agents might even list this description right in the MLS, “Back on Market”. Home selling is stressful enough, but when a buyer backs out because of an appraisal/inspection issue, can’t qualify for the loan, or simply changes their mind, sellers get jumpy. If you fall in love with a home that is back on the market, you may have some negotiation power.
Seller Tip: Be prepared to negotiate if your home goes back on the market.
If a home is listed during the months of October, November, and December, the seller is serious. These are the slowest months of the year for home selling due to the holidays, and that’s great news for buyers! There are also fewer buyers to compete with, so you may have some negotiating power on price and contract terms.
Seller Tip: Don’t worry; if listing your home during the holidays means because you must sell your home, the same can be said for prospective buyers. They aren’t just window shopping!
Homes that are tenant occupied usually take longer to sell. Tenants can make showings difficult and slow down the sales process. If the lease is almost up, the seller will have to take the home off the market for a professional cleaning after the tenants move out. Selling a tenant occupied home is a hassle, and most sellers in this position are looking for a solid contract, giving you room to negotiate.
Seller Tip: If possible, put the home on the market after the tenants have moved out and have it professionally staged.
As a buyer, it often feels like the sellers are in control. Especially in a seller’s market; but there are exceptions to every rule. If you want to find a home with some wiggle room on the price, look for a home selling with any of these four scenarios.