By the time making an offer rolls around, you’ve likely already invested a hefty amount of time and energy into finding the perfect home for your family’s needs. With financing options in place and a great property in your sights, making an offer is the beginning of the backstretch, and, with a little help, you can maximize your chances of having your offer accepted. Particularly in a seller’s market, finding important points of contention that can give your offer a boost of favorability in the eyes of sellers is important to winning bidding wars and walking away with a new home. With the help of an experienced real estate agent, negotiating an offer to acceptance is a distinct probability. Depending on the market and property, the approach you take to submitting your offer will vary, but, by following these key guidelines, you’ll improve your odds of getting accepted. Let’s take a closer look at some key negotiation points to aid in ending your home search on a happy note.
While your opening offer should be serious to alert the seller to your intentions, don’t be afraid to leave the door open for future negotiations. Treating your initial offer as an introduction to the seller can be a good idea if the housing market isn’t too hot.
According to Credit.com, your opening offer on a property is a great opportunity to learn a little more about the seller and customize future negotiations to their individual situation. Did a recent change of job force a quick sale of their home? If so, removing contingencies and shortening closing is a great way to make your offer more favorable, even if you don’t increase your offer price. On the other hand, if the seller refuses to come down from the list price and is slow to respond to your offer, there’s a good chance that a quick sale isn’t a necessity. In this case, increasing your offer is probably a better bet than removing time-intensive contingencies.
Make the seller respond to you in a reasonable amount of time by writing tight deadlines into your offer. By condensing the schedule, the seller won’t be able to wait around for competing offers.
Even if you’re in love with the property, keeping your cards close to the chest and getting a timely response is vital to getting a great deal on your dream home. When placing an offer, putting tight time constraints in place is an ideal way to ensure a prompt response and limit competing offers. A short, 24 hour period to review your offer before expiration could lead to great results. If rushing a seller into making a decision gets your offer accepted before other buyers have the chance to submit an offer of their own, you could save a good bit of time and money while acquiring a great home.
If contingencies and closing costs have you stuck, be prepared to meet in the middle. Splitting the difference can go a long way in the eyes of a seller.
According to About Home, contingencies come in a wide variety of shapes and sizes to help buyers escape the purchase of a home if certain conditions aren’t met. From standard loopholes based on home inspections and appraisals to contracts depending on the buyer selling their current home, offers can be adjusted to include nearly any contingency you can think of to protect your interests while purchasing a home. However, contingencies can make your offer less appealing. If a seller has a problem with the number of escape clauses built into your offer, there’s a good chance that you’ll need to meet in the middle to retain the goodwill of the homeowner. From splitting closing costs to completely removing contingencies, be prepared to negotiate the details of your offer.
Depend on your real estate agent for additional advice on navigating a difficult negotiation. After all, he or she will have the experience needed to create a win-win outcome while working on your behalf.
The number one tool for developing a great offer is the knowledge and experience of your real estate agent. The advice and tips offered by the professionals can be incredibly effective in ensuring a smooth negotiation process. With knowledge of the local real estate markets as well as the ability to communicate directly with sellers or their representing agents, your real estate agent will have the insider information specific to your home search that can get you in your dream home more quickly and without unnecessary stresses and headaches.