How To Handle Home Buying Negotiations
Negotiations form a big part of the home buying process, and you need to spruce up your negotiations skills if you are planning to buy a house soon. Here are some of the negotiation skills that may help you the process:
Have the Relevant Information
Before starting to negotiate on a home, get as much information on it as possible. Know when it was constructed, how many people have owned it, the square footage of useful space, and its repair history, among other things. That way you will have points with which to back up your claims and arguments. For example, it would be awkward to argue that similar houses in the neighborhood are going for less if you don't know the property's square footage; how would you then know that they are similar?
Listen To the Other Party Carefully
People often go to the negotiating table with predetermined notions that end up derailing the negotiations. Sure, it is good to research and go to the negotiating table as an informed buyer, but you should still be open to new ideas. The only way you will get these new ideas is to listen to the other party. Listen to the seller also helps because it allows you to see holes in their arguments, which you can use in your counterarguments.
Leave Your Ego at the Door
The only relationship between you and the buyer is the property transaction you want to close. Therefore, don't focus on their personal attributes even if you don't exactly like them. Whether you consider yourself better mannered, more educated or more cultured should not affect the negotiation. In fact, the minute the seller begins so suspect that you think you are better than them is the minute they will start to dislike you. It's anyone's guess whether they will be willing to make concessions during the negotiations in such a case.
Don't Focus On Price Alone
Lastly, you should know that the price of the property isn't the only thing you can negotiate on. In fact, there are many non-monetary issues you should negotiate. For example, you can negotiate the nature of the contingencies to include or exclude, the closing date, the type of appliances to include with the sale, and even the repairs the seller should make, among other things.
The good news is that you don't have to go through all the negotiation process on your own. A professional real estate agent can harness their skills and experience to help you land a good deal.
