Here’s how to survive in our highly competitive market as a buyer.
It’s still a fast-paced seller’s market out there, so buyers need every bit of leverage they can get. Here are five powerful negotiating tricks to remember when you’re in a multiple-offer scenario and are serious about coming out on top:
1. Write a clean contract. Cross your t’s, dot your i’s, and be sure to include a lender letter and/or proof of funds. Have everything concerning the price and terms clearly spelled out and neatly presented.
2. Offer to pay part of the title insurance. I’ve seen this relatively small financial commitment help buyers win out in a particularly competitive situation.
3. Exclude home warranties. While certainly nice to have, home warranties can sometimes be excluded from the contract to present the seller with an extra incentive for choosing your offer.
4. Write a letter to the seller. Real estate transactions are as sentimental as they are financial; take the time to explain to the seller who you are and why their home—which they loved and treated with care—is a perfect fit for you and your family’s needs.
5. Fix small-ticket items. When it comes to home inspections, it’s always a good idea to negotiate any issues found with costly big-ticket items. However, don’t sweat the small stuff; if you truly want the home, communicate to the seller that you’re more than willing to roll up your sleeves and address the smaller, more manageable issues yourself.
If you have any questions about negotiating or real estate in general, please reach out via phone or email. I would love to help you.