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Real Estate Buyer Negotiations | Utah Real Estate Buyer Negotiating | Negotiation for House Buying | Purchasing Land
Featuring home buyer negotiations and real estate buying skills.Serving Salt Lake City, Park City to Provo.

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Buyer Real Estate Negotiating: Strategies for Win-Win

 …our opponent is our helper.  Edmund Burke

 

The real estate negotiating process should be a win-win situation for both the buyer and seller. A win-win strategy seeks to meet the needs of both parties to a purchase agreement. In the buyer’s side of the negotiation process the objective is to motivate the seller to accept the buyer’s offer. Let’s discuss some strategies that allow a home buyer to position themselves in their best negotiation stance. Buyer Real Estate Negotiations

Leverage

As a home buyer it is important to learn as much as possible about the seller’s needs and motivation to sell. The information you obtain constitutes leverage in the negotiation process. Real estate buyers hold a tremendous advantage since it is common for the buyer to ask lots of questions, do inspections and gain all kinds of information about the property being sold. Since the buyer is already collecting information, it is easy to also query about the seller, particularly if the property is for sale by the owner without a REALTOR. Property sellers who do not use a realty agent are particularly vulnerable since they do not have any professional representation in the transaction process and must answer all inquiries personally. The more information the buyer obtains the more negotiation power the buyer possesses. Upon determining the seller’s key needs and motivations, the buyer is empowered to leverage an offer that meets the seller’s needs but yet affords the best advantage to the home buyer.

Six Market Leverage Factors

1. How long has the property been on the market? The longer the home has been offered for sale, the more likely the seller is willing to make concessions. Ask a REALTOR to furnish this information. Ensure that the REALTOR searches the entire listing history and not just count from the most recent listing date. Some sellers will list their property multiple times with different REALTORs starting the clock over and over again. Home Buying Leverage

2. Has the seller reduced the sales price? Reductions in price signal a motivated seller.

3. How many offers has the seller received?

4. Are there any offers on the property? If the property has been on the market for sometime, the seller is likely to consider a lower offer than the asking price, especially if there have been no offers for some time. If there have been offers, has the seller counter-offered? Answers to these questions will tell the buyer if the seller predisposed to concessions?

5. Is the sales price at fair market value? The closer to fair market value the less likely there will be many concessions.

6. Is the overall local market increasing in price, decreasing or flat? It the market is decreasing of flat, time is not on the side of the seller.

Six Seller Motivation Leverage Factors

1. When does the seller want to move? The sooner the date the more motivated the seller. Home Buyer Leverage Factors

2. Why is the seller selling the property? Cash flow, new home, cutting losses, debt, etc.

3. Is the seller willing to delay or accelerate the closing date? If time is an issue for the seller, the buyer has a bargaining tool.

4. Where is the money from the sale of the home going? If there is a pressing need more concessions are likely.

5. Is the seller willing to make repairs found in the inspection? Seller willingness to make home repairs demonstrates flexibility and possible compromise.

6. Is the seller willing to assist with buyer closing costs. Closing costs are often used in the negotiation process.

Armed with information about the market, the property and the seller, the buyer positions themselves into a better negotiation stance. They gain leverage to propose compelling offers.

 

 

Equity Real Estate Logo

 Barry J. Preusz
REALTOR, Residential Specialist

1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083


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Real Estate Buyer Negotiations | Utah Real Estate Buyer Negotiating | Negotiation House Buying | Home Purchasing Negotiation Skills | Home Buying Negotiating Skills

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