Regardless of the actual property value of your home, the art of negotiating
a price can make or break how muck profit you make. If you want to be happy in
the long run, you could wait for the best price, but for the same price you
could simply learn to negotiate better. Negotiation is a skill, and it can be
learned to help you be more sucessful when selling your home.
1. Know
More Information is your best friend when it comes time to buy or sell. You need
to know the market, the law, and as much as you find out about the seller's
status. Are there any recent life events motivating the seller to sell quickly
and at a bargain? How eager are they to close? It also means trying to find out
how long the property has been on the market, how many competing offers there
are and at what price. How much outstanding debt are they carrying, and are they
current on payments? Even how much cash they have on hand can be helpful to
know. Of course, most sellers will not volunteer answers to these questions when
asked point blank.
2. Get The House Inspected You will find out a lot of
hidden details about the house if you get it professionally inspected. Any
defects you find can then be used as a bargaining chip later to lower the
overall price you have to pay. Talk to the neighbors of those homes that sold
recently. Find out if there were repairmen in-and-out prior to the sale. That
will help you sharpen the comparison. When youre looking around, note the
condition of other homes in the area and try to judge the trend. A neighborhood
can deteriorate or improve and that will affect the future value of the
property.
3. Financing If you are going to buy or sell a home it makes
sense to have your financing in order well in advance. Don't just make sure you
are pre-qualified or pre-approved, have the cash in hand. That will be much more
persuasive than any promise you can give to a home owner.
4. How To Bid
Always make your first offer a figure that is not a round figure. For example,
you might want to bid 240,300 instead of 240,000. This might put a seller
potentially off guard and make them wonder as to why you decided on that exact
price. They will wonder what you might know about the house that they do not.
5. Bid Fairly - Always be sure you are giving the seller a fair offer. A
fair offer is one that is in line with what other houses like yours are selling
for on the market. Not the upper nor lower range but somewhere in the middle.
For sellers, never start your price off too low in the hopes that you will start
a bidding war on your home. Make sure you have plenty of bargaining chips to
start. In any deal everything is negotiable. The price is only one of many items
you can negotiate.
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