Most sellers will want to sell quickly. If the house has been listed several times with a stable price, that’s a sign the homeowners are taking their time and might be waiting for a higher offer. It’s vital to understand that both the buyer and the seller may forget the final goal: to buy and to sell. Sometimes, the parties get carried away in a battle of negotiating. Lock your eyes on the ball, but at the same time, be realistic in your expectations of the situation. The goal of your negotiations is to buy a house for an amount you’re willing to pay, and if you get it for less than you’re willing to pay, you have exceeded your goal. Decide upon the highest maximum amount that you can afford, and don’t offer more. Depending on what kind of market you’re in, strategy and tactics will vary. In a buyer’s market (i.e., there are more houses on the market than buyers looking), you have more possibilities. You can make a less-than-reasonable offer, ask for some improvements, a better closing date, and even a seller’s credit. In a seller’s market (i.e., there are fewer houses available, with more people looking), you have less leverage, as you’re not the only one in line. You’re most likely to succeed with an offer at list price or more. If the seller doesn’t get it from you, he or she may receive another offer from someone else.
The following tactics will help you to stay focused:
• Use the “middleperson.” Your real estate agent should be your middleperson to negotiate with the seller’s representative. Using your real estate agent as a buffer will save you time and aggravation. Your real estate agent may also provide useful information concerning the sellers and their intentions, which the other party will not
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