The Battle Rages On…
They were at a standstill; the lines had been drawn and the ensuing trench war was taking its
toll on everyone. Both buyer and seller had been going back and forth for months, and they
were beginning to think that perhaps all of this wasn’t worth the headache.
If not for the fact that they had their mind’s set on getting what they wanted, the negotiations
probably would have gone South a long time ago. Things didn’t have to be that way; winding
the clock back a few months, it would have been clear to any onlooker just what may have
gone astray.
You see in the game of real estate, what usually happens is that buyers will shop around until
they find a property they really like, and then, shift their mind set to “trying to figure out a way
of bringing down the asking price” as much as they can.
Regardless of what that price is, fair or not, the premise is to knock off an X percentage of it
right from the get go. This isn’t to say that as a buyer you shouldn’t be looking for the price to
come down; quite the contrary, you should. But having the right timing is critical, that is if you
want to be successful at bargaining to the price you want.
Think Win-Win not Winner Takes All…
Even when the home you want to buy is priced realistically, you still have a better shot at
bargaining down if you view things from the seller’s perspective.
Think about it, the seller usually has a need to sell, a time-line and the added pressure to get
money out of the sale of the home, to finance building or buying other properties, why would
you want to give this advantage away with a low-ball offer from the start?
You could, but you would risk alienating your seller and halting all negotiations. You’re also
probably not weighing in other, no less important, factors such as the value of the home to
you.
Think Value
When you’re buying a home, there’s a lot more that goes into the decision than just the asking
price.
What you’re willing to pay for one home, another would balk at. It’s a personal decision
fraught with all sorts of details. Your needs, the location, services and amenities available and
of course the home’s appraisal (which determines how much a bank is willing to lend you), all
factor in your decision.
You can’t really determine a property’s value to you, unless you consider all of these things.
Which brings us to our next point.
Do You Know What Your Priorities Are?
Before any negotiations take place, you would be wise to know what’s important to you
(things you definitely must have) and what you could be more flexible on.
Knowing what your priorities are, and getting those out of the way first, will ensure that the
process rides much smoother, save time and possibly money. It also lends you credibility and
added leverage to your position.
Unless you’re really into dickering endlessly over price instead of value, you’re really much
better off by going to the bargaining table with a different mind-set.. If negotiations fall apart,
or you happen to be dealing with a seller that just doesn’t get it, then maybe buying this home
really isn’t in your best interest.
That’s what it comes down to after all, doesn’t it? Being satisfied with your purchase for years
to come and knowing that you’ve made a sound decision from considering every possible
angle.
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