Bargain Smartly to Get the Best Deal
Friday, November 30, 2007
Bargaining is an art, particularly when the buyer wants to make a rock-bottom bid without insulting the seller.
"The offer has to be palatable and show you've done your homework," says Deb Greene, president of the Minneapolis Area Association of REALTORS®.
Sheri Fine, an associate with Edina Realty in Minneapolis, agrees. "Sometimes an unreasonably lowball offer can make a seller so angry they won't make a counter offer or deal with a buyer."
Here are their suggestions for coming up with a number that is competitive and compelling.
- That an offer that is more than 10 percent off the list price isn’t customary and is likely to be rejected.
- Realizes that there are other attractive homes on the market and won’t be shattered if the sellers reject their lowball offer.
- Recognize the home’s strengths as well as its weakness.
- Make a list of reasons to share with the seller for offering less than list price.
- Instead of asking for the price to be lowered, negotiate other tangibles such as repairs, closing dates, and closing costs.
- And lastly be respectful whenever you are around the seller.
Source: Star-Tribune, Lynn Underwood (11/17/07)
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