Buying homes for sale is a delicate process for many reasons, but pricing is an issue that deeply affects sellers and buyers. You may have a specific price that you're aiming for in your budget, but a seller also has their own financial needs and investment in a property. So, when you are looking to negotiate with a seller and bring the price of real estate down, following standard strategies will help you find success.
The Importance of Inspections
Perhaps your biggest tool for negotiating a price reduction will be your property inspections. If you find issues that need to be fixed on the property, that is a good reason to ask for a price reduction. Perhaps the building isn't properly wired and you will need to devote a big chunk of time and money to making the home safe to inhabit. Or, maybe the plumbing needs a lot of work to be efficient and reliable.
A basic home inspection tends to cover all of the major home systems, but in smaller detail than a specialist would. It's in your best interest to hire a contractor to do a thorough evaluation of any systems that are deemed to be faulty during the run-through inspection of your home. You might be able to knock off several grand from the asking price if you can find issues the seller didn't know were there.
The Art of Negotiation
When this inspection method doesn't return what you're looking for, there is still the art of interpersonal negotiation. Your offer may be lower than another offer, but what factors can you use to your advantage to attract a seller? Some sellers may respond to a strong personal relationship with you. If they have lived in the house for many years, they probably want to see the home go to someone they like. Form a rapport with the seller, and you open the doors to further negotiation.
Doing things to make the seller's move out easier is another potential strategy. Maybe they don't know what to do with furniture they no longer want. Let them leave it with you and ask for the price you want. On the opposite hand, maybe the seller wants to take certain fixtures (chandeliers, columns, etc) that would normally stay with the house. You could negotiate these out of the price if you'll have to replace them. Just be creative with your real estate agent and communicate as much as possible.Share