Become a Great Negotiator

Posted by: Tim Ryan on February 14th, 2011

Buying a home is never easy. It takes a lot of time and energy to find the right home. By the time you find ‘the one’ you have likely looked through hundreds of properties online and viewed at least a dozen homes. Unfortunately, all that work was the easy part, now the negotiation. Here are 5 tips to help you get a great deal on purchasing your next home.

Use comps – Ask your agent for a list of comps. It would be best if you are there with them while they are searching. Be sure that the list is recent and relevant. These should really be comparable properties in large part. Once you have this list be sure that your Realtor uses ones that will work to your advantage. This is your best chance to defend your price.

Put forth your best, almost – Your goal is to get a great deal – right? Put forth an offer that is less than market but not by a lot. Don’t give the seller the impression you are goofing off. Extend to your agent that this is you putting your best foot forward. Give the impression to the sellers that if they reject, you are gone. This point is not to avoid looking like a jerk (that does not matter in real estate). The point is to leave a legitimate carrot, which if accepted, still leaves you with a favorable deal.

Have a back-up plan – If your first offer gets rejected be prepared to stand firm. Don’t tell them that your offer is good for 30 days or that you might accept a counter. Your attitude needs to be you rejected – I am withdrawing my offer. Often the seller will regret their decision and ask you to reconsider resubmitting your original offer. Sellers are not that prideful when it comes to selling their home. However, once the offer is rejected you need to be sure that there are other homes out there that are suitable at the right price. Move on and make another offer.

Waive Your Financing Contingency – This is one that is not commonly used. Once you decide to purchase a home you ought to get started right away on getting pre-approved. This means getting all of your financials to a lender. Get a sense of what you will be approved for. If the lender says you are approved, then you likely will have no problems. Why give the seller the sense that you might have a problem. Remember, to a seller there is nothing worse than having their home come off the market and then fall through. Don’t give them the impression that this could happen with you.

Remain calm – Have you ever watched Texas Holdem? The coolest players usually win. State your position with confidence and clarity. Do not get emotional. I know this is a big purchase but this is also where you can save thousands. The first to flinch loses. I have seen people not themselves when buying a home. Spouses bicker, clients argue with me or their lender, they get flustered over little things. Stay cool and you win.

Follow these steps and you will find you get a favorable price on your next Naples Real Estate purchase.



3 Comments on “Become a Great Negotiator”

Atlantis Mortgage

Great tips. Thanks for the post. Real clear and concise.

Robert Worthington

Have evidence – print off the full mls report of the property that is listed, before and after the offer.

Keith Bennett

Great Post. I will run that buy the next buyer I work with.

Leave a Comment


For Real Estate Agents

Online Marekting Solutions

For Home Buyers and Sellers

e.g., 1250 S Main St, Burbank, CA or 91506
     Search Foreclosures    Search New Homes    Search Rentals    

Blog Categories

Blog Archives

Real Estate Blogs

Top Articles

Recent Comments

Guaranteed LeadsReferral Lead ProgramListings PackageVisits to your WebsiteFind REALTOR®Homes For SaleHome Values