One of the most interesting phenomena I’ve experienced with home buyers is that they presume they have limited negotiating power, almost across the board. Buyers generally assume that the property is owned by the seller and the bank has the money so they must have all the power, right? NOTHING.Do you want to learn more? Visit sell fast.
Buyers have tremendous leverage in home-price negotiations as well as in mortgage negotiations. But never believe that they do. Let’s have a look at negotiating your home price. Buyers believe that sellers expect their home to have several eligible prospects. Crafty real estate listing agents lead buyers to believe they might risk it if they don’t move on this home in the next few hours. And because of all this “value,” there is no question that the seller would find something less than the full asking price.
In my experience there are very few hot markets where sellers have their selection of several pre-approved buyers ready to close. I live in Baton Rouge, a city flooded with hundreds of thousands of people following Hurricane Katrina. Baton Rouge was the hot market at the time. But barring a catastrophic event that sends hundreds of thousands of people to your town in search of housing, that’s almost no hot market.
If you’re a pre-approved buyer buying a property in the next few weeks, you ‘re gold to a home seller. The majority of “interested” buyers are what we call “tire kickers” in real estate. These are buyers who are willing to purchase in the next six months or ten years and want to start searching. They don’t have their present home for rent, they haven’t talked to a bank to see whether they can afford the house, so they’re just trying to get an idea of what’s available. On the other hand, you’ve got a bank to agree to lend you money for a house, you’ve chosen the neighborhoods you want to live in, and you’ve got a list of other houses you ‘re thinking about. The seller would say, “We ‘d better not let this one get away, because then we’ve got to start doing open houses every weekend.” This situation gives you great bargaining leverage as a buyer.
Make sure the seller and seller ‘s agent know that a bank has pre-approved you and that you’ll be buying in the next few weeks. Let them know that you have several attractive options, and that you have to be able to get home at a price that you consider fair. Spend some time walking the house extensively with the seller and buyer, and ask other questions. In negotiation, there is a rule that sellers become more negotiable in relation to the time they spend with a buyer.