4 Essential Real Estate Negotiation Tips For Home Buyers
1. Determine The Seller’s Motivation Level
Is the seller really motivated to sell the property? In real estate investing, dealing with someone who does not really want to sell their property is a waste of time – you should forget about them and move on, no matter how promising the deal might look like.
2. Inspect a property before making your first offer
It sounds like common sense, but never, ever make an offer before a close inspection of a property. This will put you on the back foot throughout whole negotiation process! Also, don’t let the seller force you into making your offer RIGHT AFTER the inspection, it’s best to wait 24 hours to prepare your final offer.
3. Have more than one offer in mind
Try not to enter negotiations with only a one offer. It’s best to make sure that you come to the table with at least 3 offers.
4. Make the best offer to the seller while leaving
If you and the seller can’t reach an agreement, try this simple trick: make your final offer standing at the door. First off, this way you give a clear sign that the seller can’t hope for a better deal. Then, this puts the seller on notice that you are about to walk away from the deal – he or she may not like your offer, but there is no guarantee that the next real estate investor will give the seller better terms. This can often make the seller more receptive and accept your proposition.
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