You know, I wanted to talk to you a little bit about negotiation because I found in the past it’s so important and people take it for granted.
And why do some people get the house and why other people don’t?
So let’s say I’m on the buyer’s side and this is actually equally as important to the seller as well.
So being a buyer, all right, I am now presenting an offer.
So the seller is asking for the list price, which is $500,000.
Well, I’ve done my research, and I found out that most houses in the area asking for that generally go for about 8% to 10% less.
So, I make an offer for $50,000, all right, which is roughly 10%.
So what I’m waiting for is a response from the listing agent because if the listing agent comes back and says $495,000.
I know that’s the vicinity I have to be in and that’s what the seller is asking for.
However, if say they come back at $475,000, well, the listing agent is coming down $25,000, and that tells me I still have room.
So that’s how the negotiations proceed, but that first give and take tells me, as the buying agent, just exactly what kind of room I have to deal with.
And then, of course, there are other things that come into mind as well.
Of course, time constraints. Is it an all-cash offer? Is it a mortgage?
How many people are buying the house?
You know, things like that.
And when I present that to the listing agent, she has a much better idea of how serious I am to purchase. That's my point.
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I'm Chris Berger and I'm sharing my 40+ years of experience as an NY & FL realtor, in home renovation & property management. Yankees fan. Concert goer. Dog lover. Granddad.
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