So, here we are in a buyer's market. At least in Arizona.
Sellers know that it is a buyers market but their pride may get in the way. On top of this, a listing agent that has a property that is overpriced may be afraid of explaining why their seller should take a lower price than they were originally told at the listing appointment.
Combat this with Ninja skills
Throw different, less important requests at the seller to try to get their eyes off of the ball!
- Ask for an item to stay behind. Chattel property works well. Wierd things so they can feel like they've countered back to take away something from your buyer: A sofa, dining room table, washer & dryer, area rug, etc. Requesting one of these items may result in a "no" from the seller. Each "no" given will have to be well thought out as they probably haven't seen an offer at all yet and they will be worried about upsetting your buyer.
- Ask for an extended, abnormal time frame - Instead of a 10 day inspection period, ask for 18. Instead of a 30 day close of escrow, ask for 45.
- Ask for the seller to pay the appraisal up front.
- Ask for rooms to be painted.
- Provide low earnest money/high earnest money with the offer.
Usually, these items are requested by the agents when they respond to a counter offer from a seller.
Currently, we have a buyer looking to purchase a home they love. Their offer is $60,000 (20%) less than list price but the property isn't being marketed right. It just so happens to be the home the clients love.
We anticipate a counter on the offer. We've already requested a 45 day close of escrow. The sellers will more than likely be focusing on price instead of the COE time and therefore respond to the offer with a counter on the purchase price.
Our counter to theirs will be us giving a little concession on price but extending the close of escrow under the "premise" of the buyers wanting to save more money up so they don't have a higher mortgage payment. On top of that, an additional showing will take place to find an item to ask for. Since it is currently owner occupied, and appliances are listed as not conveying, the appliances will be asked for. The seller probably wants these.
Next counter: Sellers will be happy with the price but will want the COE changed and/or not let the appliances convey.
Our counter: Give up the appliances and COE time but also reduce the price but raise the earnest money $1,000.00.
In a buyer's market, each counter offer puts the seller into a "take it or leave it" feeling. Wearing them down works well because of the fear of loss the listing agent and their clients are feeling. Do what you can to take the sellers' eyes off of the ball fighting battles on multiple fronts and you'll have buyers that will appreciate your negotiating skills.
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