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REAL ESTATE TIPS - NEGOTIATIONS
How To Best Negotiate A House Deal
by Sameer S Panjwani
Whether it’s selling your home or buying a home,
more often than not you’ll come across a stage where
you’d have to negotiate. Negotiation is the art of
getting what you want at your terms and conditions. Of
course, it isn’t that easy and it takes time and
patience especially when it comes to real estate dealings.
So how do you negotiate a good deal for yourself and what
are the points you can use to negotiate a deal to your
favour. Well here below are some points you should consider:
Comparative market analysis of homes in the area. Ask
your real estate agent or find out through other sources
what other homes in the area are selling for and what
they’ve sold for in the past. Having such figures
can keep you in good stead during the negotiation process.
It can be advantageous to either party. A seller may quote
the price of a neighbourhood home to justify for his price
or show that he’s selling for less while a buyer
can use such facts and figures to justify for a lower
price.
Show no emotion. The more desperate you show yourself
to be in concluding the deal, the more likely you are
going to be taken advantage of in the negotiation process.
They say, ‘he who cares least, wins’ and this
is most applicable when it comes to buying and selling
a home.
Speak of your other options. By speaking of your other
options and telling the other party that you have another
buyer who’s also negotiating or another home which
you’re interested in, there is a good chance you
may push the deal to your favour.
Time factor. Deals can usually be closed much faster by
offering or insisting on an earlier closing / possession
date. As a buyer, offering to close in on the property
and completing all the formalities immediately would greatly
influence the owner to have some consideration towards
bargaining in your favour. As a seller, if you want to
close the deal earlier you may negotiate on the price
with the condition that the deal is completed immediately.
Including items. If price is a no-go, then perhaps some
of the movable items or appliances may be negotiated as
to be included along with the price.
All in all, negotiating comes down to both parties being
satisfied with the price and the terms and conditions
of the deal. Make sure that everything is documented and
signed when making the offers, so as to prevent any misunderstandings
or chances of either party backing out in the future.
Coming back to negotiating, feel free to be innovative
in your negotiations and you may just find yourself with
a better deal than you could’ve initially asked for.
Best of luck!
About the Author
Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com
- Real estate listings of homes on sale and rent. |
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