Tips to Negotiate with Sellers

Article Written by : Latest Financial Infos

Buying a property is an expensive transaction, often one of the most important ones in your life. Negotiating with the seller for the price of the home is quite common, but getting what you want isn’t easy. You have to back up everything you want with data, and here is how the best negotiators in the business do it.

Get an Inspection Report

Arm yourself with an inspection report that details everything in the home that needs fixing immediately. Look for the big ticket items, like windows or air conditioning units, and see what is a priority to your life. This where it gets tricky, because the seller could argue that a busted window isn’t a high priority to them. You and your agent should review your inspection report and pick out specific items you want to haggle for. The seller may also choose to fix those items, leaving you with no credit but a new part.

Get Estimates

Get estimates for the repair work from reputable contractors, and use those as tools for negotiation. This happens fast, so you need to act fast too. You typically have only a few days to a week after inspection to request credit. Start making phone calls to contractors as soon as you can.

Ask for Other Credits

Repair costs aren’t the only source of credits for buyers. You can ask the seller to cover some of your closing costs. They might agree to split the costs, or to cover them entirely, based on their willingness to sell the home. Always remain open to hearing the other side, and you’ll have better success negotiating your deal.