Jay Allen's Blog
Ready to acquire your dream home? While you might have already identified your ideal residence, some negotiations may be necessary before you enter into a formal agreement with the seller. In some markets, it may be possible to acquire your new home at a more favorable purchase...while in other markets, you may find yourself negotiating terms that favor the seller in order to make your offer stand out against competing buyers.
Common negotiating points are the purchase price, deposit amounts, deadlines for inspection/financing contingencies, the closing date, appliances, and repairs. Needless to say, negotiating with a seller is a delicate dance that requires some finesse...and if you fail to keep your cool throughout a negotiation, you may miss out on the opportunity to purchase your dream residence.
So what does it take to remain calm during a negotiation? Here are three tips to help you do just that.
1. Take Your Emotions Out of the Equation
Don't take it personally if a home seller wants to negotiate. Instead, view it as an opportunity to ensure all parties involved in the transaction get the best results possible.
In many instances, it's easy for buyers and sellers to let their emotions get the best of them. But if you feel overwhelmed by stress and frustration, it is essential to take a step back and assess the situation. That way, you can avoid making any rash decisions that could put your chance to purchase a top-notch house in danger.
Try to maintain a positive outlook throughout the negotiation.
2. Know Your Options
You may invest many hours in a negotiation, and you might even make various concessions along the way. But despite your best efforts, there are no guarantees that your negotiation will be successful. Know when to walk away. If you come to the realization that a "meeting of the minds" is not possible, it may be best to focus your efforts elsewhere.
3. Consult with Your Real Estate Agent
Your real estate agent brings a wealth of experience to the conversation and can be a valuable resource when navigating the sometimes complex process of negotiating with a seller. This real estate expert can respond to any concerns or questions you may have throughout a negotiation and act as a buffer between you and the seller when things get heated. In addition, he or she will provide honest, unbiased recommendations to help you make an informed purchase decision.