Negotiating Need Not Be Adversarial
The skill of negotiating is not one of bullying or making demands and then holding ground. Skillful negotiating involves give and take. The art of negotiating is understanding what is of value to you and what’s important to the other party. If there is a way to give up something that has more value to the other party than it does to you in order to get something of more value to you, it could become that win-win situation that is so hard to achieve.
Negotiating On Price
In many markets around New Hampshire, buyers are finding the inventory is down compared to the number of buyers looking. This points toward a seller’s market and therefore making it tougher for buyers to negotiate on price. What about the terms of the agreement? What about inspections, financing, closing costs, and the time period towards closing. These items are less volatile but no less important. If you notice the sellers have lots of stuff, it may be worth stretching out the closing date in order to give the sellers more time to move. You could make a full price offer and ask the seller to contribute towards your closing costs. The seller feels good about getting their asking price and you get money back towards your closing expenses. See how this can work?
The nature of multiple offers and confidentiality limits a buyer’s ability to negotiate. When in a multiple offer situation, you will have no idea what the other offers are. You won’t know whether or not you are already the highest bidder and bidding against your own offer. Although as a Realtor I can not condone giving up inspection contingencies, forgoing inspections can be the boost that makes your offer look better. Sellers will most likely take a lower cash offer over a higher financed offer. All that said, be prepared for disappointment in a multi-offer situation.
Best Advice For Negotiating
Do your homework. Know the market and what the value is in respect with the market and weigh that to your perceived “true” value. Most of all, be prepared to walk away. Hiring a knowledgeable agent to represent your position is your best bet.
This report brought to you by Marty Patrizi
Marty is a Realtor at The Bean Group. Marty has been helping folks buy, sell, build, and renovate property since 1988. His construction experience is his competitive advantage. Marty represents his clients with complete confidentiality and compassion. Marty can be reached at 603-781-4099 or email firstname.lastname@example.org for help acheiving your real estate goals.
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