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How to Negotiate with a Seller

Tuesday, June 16, 2015   /   by Ken Couture

How to Negotiate with a Seller

 



 


When you are buying a home, there will be a period of negotiations. You love this home, and you want to get it under contract, so you need to know how to negotiate to pay the right amount for the home, and get it!


Talking to your agent is the first thing you need to do. Get on the same page and form a strategy. You need to discuss what you want, what you don’t want, and a price you are comfortable with. Once you have a strategy, all parties need to stick to it so when you are in the middle of negotiations, emotions do not get in the way.


If you have not already gotten a pre-approval letter from your lender, this is a must have. This shows the sellers that you are serious and have taken the steps to prepare to buy their home.


Next is to have your agent find out the seller’s desires. When are they looking to close? How negotiable are they? Is the home vacant? Did they have to move out of town? All of these things can alter your offering price and terms. You want to be considerate of them and try to match as many of their desires as possible while still getting what you need. As for price, you and your agent will go over comparables in the area to decide on the best offer to start with.


When you put in your offer, submit your pre-approval letter, everything that you want should be in writing, and also add if you are flexible on things such as the closing date. If your offer is accepted, it is time for the home inspection if you choose to do one. Once you get the list of things wrong with the home, think of the things that are really important. A good rule of thumb is to focus on the large and unsafe items, and repair the small things once you move in.


If you consider the seller, and follow these tips, you should have a ratified contract and a new home! If you are ready to buy a home, I would love to help you during your home buying process. When you are ready to buy or sell a home in the Las Vegas area, give me a call! Visit my website or call me direct Ken Couture, 702-610-6247.