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A great, seasoned Realtor is your best bet when you find the home of your dreams. Negotiation in real estate is an art that any seasoned Realtor will be able to find some common ground that satisfies all parties. Bad negotiations can kill a sale.
- If you offer too far below the market value it will damage your credibility as a buyer and is usually insulting to the seller who often has a price range in mind that they’ll accept. If you aren’t even close to the lower end of that range, the offer probably won’t be considered.
- Incremental negotiations. Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
- Take it or leave it. When you make a firm offer the seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if you won’t negotiate, don’t show your hand.
- Being particular after an inspection. If a major issue is revealed, yes, that should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a standstill.
- Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing.
The Bottom Line: Before beginning any negotiations, studies have shown that whoever has the most information has the most success on what they are bidding on as opposed to walking into something completely blind. If you have hired a good Realtor, he will be adept at understanding both the big picture and the little details of the home you want to buy. He should be able to read the market the home is in and know if the home you want is one that can be negotiated.